Abu Dhabi – Mubasher: AD Ports Group achieved total net profits valued at AED 839 million in the first half (H1) of 2024, up 25% year-on-year (YoY) from AED 673 million.
Revenue hiked by 108% to AED 8.06 billion in H1-24 from AED 3.87 billion in H1-23, according to the financial results.
The earnings per share (EPS) increased by 5% to AED 0.13 in the first six months (6M) from AED 0.12 a year earlier.
Total assets hit AED 61.40 billion as of 30 June 2024, an annual rise of 11.89% from AED 49.51 billion.
Financials for Q2-24
In the second quarter (Q2) of 2024, the net profits enlarged by 42% to AED 439 million from AED 310 million in Q2-23, while the revenues jumped by 103% to AED 4.18 billion from AED 2.06 billion.
Meanwhile, the EPS surged by 16% YoY to AED 0.07 in April-June 2024 from AED 0.06.
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said: “Our strong second-quarter results provide further compelling proof of the success of AD Ports Group’s targeted, value-enhancing international expansion, which is being driven not only by acquisitions but also by solid organic growth across our core businesses.”
Martin Aarup, Group Chief Financial Officer of AD Ports, commented: “The group recorded EBITDA of AED 1.07 billion in Q2-24, up 56% YoY, and 8% on a like-for-like basis excl. the base effect of M&A.”
“As our group expands and grows more international, we are committed to steering AD Ports Group profitably through macroeconomic turbulence whilst leveraging future growth opportunities as they arise.
As of 31 March 2024, the net profits attributable to the owners of AD Ports dropped to AED 313.83 million from AED 330.93 million in Q1-23.
