AD Ports Group Reports Record $1.3B Revenue in Third Quarter Thanks to Strong Growth in Main Business
AD Ports Group reported a 10% increase in revenue compared to last year, reaching a record $1.3 billion (AED 4.7 billion) in the third quarter of 2024, due to stronger performance in its main business areas.
Third-Quarter Results
- The Abu Dhabi-based ports company, AD Ports Group, reported a record profit of $81.9 million (AED 300.6 million), a 21.1% increase from the same time last year, according to a report filed with the Abu Dhabi stock exchange on Tuesday.
- The company’s strong financial performance was driven by steady growth in its main business areas during the quarter ending on September 30, 2024.
- AD Ports’ adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 59.7% from last year to $330.1 million (AED 1.2 billion), with an EBITDA margin of 26% for the July–September period.
- Its total income rose slightly by 0.4% to $177.4 million (AED 651.8 million) compared to $176.7 million (AED 649.1 million) in the same quarter last year.
- However, earnings per share (EPS) dropped 21% year-over-year to $0.016 (AED 0.06).
Nine-Month Financials
AD Ports Group’s revenue rose by 56.9% in the first nine months of 2024, reaching $3.5 billion (AED 12.7 billion).
Despite this revenue growth, net profit dropped by 5.1% to $257.8 million (AED 947 million) compared to the same period in 2023, according to the company.
On the positive side, their adjusted EBITDA increased by 54.9% year-on-year, reaching $904.4 million (AED 3.3 billion) by the end of September 2024.
Overall, total comprehensive income was $265.4 million (AED 974.8 million), up 6.6% from last year.
Notable Figure
As of September 2024, AD Ports Group’s total assets were valued at $17.4 billion (AED 63.7 billion).
Published: 12th November 2024
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