Captain Mohamed Juma Al Shamisi
AD Ports posts robust $121.2m net profit in Q3 2024
ABU DHABI, November 13, 2024
AD Ports Group reported record levels of revenue and profit in Q3 2024 of AED4.66 billion and AED445 million ($121.2 million) respectively, driven by strong growth across its core businesses.
The Q3 2024 revenue of AED4.66 billion is a 10% year-on-year (YoY) increase and a 60% rise when normalised for vessel trading activities booked in Q3 2023, a WAM report said.
On a like-for-like (LFL) basis, adjusting for the impact of mergers and acquisitions (M&A) and vessel trading activities, Q3 2024 revenue saw a 28% YoY growth.
EBITDA surge
EBITDA surged to AED1.21 billion for Q3, representing a 60% year-on-year increase and a nearly 100% cash conversion rate.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, said: “Our strong third-quarter results, which set records for quarterly revenue and profitability, illustrate once again the robust underlying health of our core businesses and the value-enhancing benefits of AD Ports Group’s ‘intelligent’ internationalisation strategy.”--TradeArabia News Service
