Abu Dhabi – Mubasher: AD Ports Group logged 19% year-on-year (YoY) higher total net profits at AED 1.28 billion in the first nine months (9M) of 2024, compared to AED 1.07 billion.
The UAE-based group posted revenues amounting to AED 12.72 billion in 9M-24, an annual surge of 57% from AED 8.11 billion, according to the consolidated financial results.
Meanwhile, the earnings per share (EPS) fell by 5% to AED 0.19 in 9M-24 from AED 0.20 in 9M-23.
Financial Results for Q3-24
In the third quarter (Q3) of 2024, AD Ports generated AED 445 million in net profit, marking an 11% growth from AED 403 million in the three-month period that ended on 30 September 2023.
The revenues jumped by 10% to AED 4.65 billion in Q3-24 from AED 4.23 billion in Q3-23, while the EPS dropped by 21% to AED 0.06 from AED 0.07.
Quarterly, the Q3-24 net profits climbed from AED 439 million in Q2-24, while the revenues hiked from AED 4.18 billion.
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said: “As 2024 comes to a close, there is reason for optimism. While geopolitical disruptions continue to affect visibility, seaborne trade volumes are still expected to grow 2.20% this year, and by 2% in 2025, according to Clarkson Research.”
Martin Aarup, Group Chief Financial Officer of AD Ports, commented: “Our demonstrated restraint on CapEx in Q3-24, and our near 100% cash conversion rate, are strengths that will continue to drive our profitable growth despite prevailing macroeconomic and geopolitical turbulence.”
