AD Ports Group Announces A Stellar 42% Growth In Net Profit For Q2 2024

AD Ports Group reported a significant rise in net profit for Q2 2024, reaching AED439 million, marking a 42% increase compared to the same period last year. The net profit after accounting for minority interests was AED333 million, reflecting a 16% year-on-year growth.

The company's revenue more than doubled year-on-year to AED4.18 billion in Q2 2024. This surge was attributed to both organic growth within its Ports, Logistics, and Digital Clusters and strategic acquisitions of Noatum and GFS.

EBITDA saw a notable increase of 56% year-on-year, reaching AED1.07 billion in Q2 2024. On a Like-For-Like (LFL) basis, EBITDA rose by 8%, with the EBITDA margin standing at 25.6% during the same period.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, commented on the results: "Our strong Q2 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. Looking ahead to the remainder of 2024 and beyond, we are on course for the profitable internationalisation of the Group."

Martin Aarup, Group Chief Financial Officer of AD Ports, highlighted the financial achievements: "Our strong Q2 2024 financial results reflect the effects of recent accretive acquisitions and the positive organic growth of our five-pillar business portfolio, which was led during this period by our Ports, Logistics and Digital clusters."

Future Strategy and Economic Diversification

Ross Thompson, Group Chief Strategy and Growth Officer at AD Ports, shared future plans: "Looking ahead, we plan to accelerate this strategy of ‘intelligent internalisation’ to leverage synergies of our expanding business ecosystem and global footprint to drive the economic diversification of the UAE away from the energy sector."

The company remains focused on expanding its international presence while maintaining robust growth across its core business areas. This approach aims to enhance value through both organic development and strategic acquisitions.

AD Ports Group's performance in Q2 2024 underscores its successful expansion strategy and commitment to driving economic diversification in the UAE.

With inputs from WAM