ABU Dhabi-headquartered ad Ports Group has reported a total revenue of US$1.2 billion, marking a 10 per cent year-on-year increase in the third quarter of the year.
The record-high revenue was supported by strong performance across all core business clusters, reports Greece's Container News.
The group's ports segment saw a 24 per cent year-on-year increase, while the maritime & shipping division experienced a substantial growth of 96 per cent year on year.
Economic cities & free zones grew by 16 per cent year on year, logistics by 48 per cent and digital by an impressive 62 per cent.
Forty per cent of the total revenue for the first nine months of 2024 was derived from long-term, or 'sticky,' revenue sources.
This represents a slight decline from 46 per cent in the first half of 2024, largely attributed to high levels of container shipping activity.
AD Ports Group recorded EBITDA of US$329 million in Q3 2024, translating to a 60 year-on-year increase. EBITDA margins also showed significant improvement, rising from 17.9 per cent in Q3 2023 to 26 per cent in Q3 2024, slightly higher than the 25.6 per cent margin recorded in Q2 2024.
In terms of profitability, the Group's total net profit increased by 11 per cent year on year, reaching US$121 million in Q3 2024.
However, after accounting for minorities, net profit was $81 million, representing a 21 per cent year-on-year decline. This decrease was due to a one-time $10 million charge related to debt refinancing.
Captain Mohamed Juma Al Shamisi, managing director and CEO of AD Ports Group, commented, '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 2.2 per cent this year, and by two per cent in 2025, according to Clarkson Research.'
SeaNews Turkey
The record-high revenue was supported by strong performance across all core business clusters, reports Greece's Container News.
The group's ports segment saw a 24 per cent year-on-year increase, while the maritime & shipping division experienced a substantial growth of 96 per cent year on year.
Economic cities & free zones grew by 16 per cent year on year, logistics by 48 per cent and digital by an impressive 62 per cent.
Forty per cent of the total revenue for the first nine months of 2024 was derived from long-term, or 'sticky,' revenue sources.
This represents a slight decline from 46 per cent in the first half of 2024, largely attributed to high levels of container shipping activity.
AD Ports Group recorded EBITDA of US$329 million in Q3 2024, translating to a 60 year-on-year increase. EBITDA margins also showed significant improvement, rising from 17.9 per cent in Q3 2023 to 26 per cent in Q3 2024, slightly higher than the 25.6 per cent margin recorded in Q2 2024.
In terms of profitability, the Group's total net profit increased by 11 per cent year on year, reaching US$121 million in Q3 2024.
However, after accounting for minorities, net profit was $81 million, representing a 21 per cent year-on-year decline. This decrease was due to a one-time $10 million charge related to debt refinancing.
Captain Mohamed Juma Al Shamisi, managing director and CEO of AD Ports Group, commented, '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 2.2 per cent this year, and by two per cent in 2025, according to Clarkson Research.'
SeaNews Turkey
