In the third quarter of 2024, AD Ports Group reported a total revenue of US$1.2 billion, marking a 10% year-over-year (YoY) increase.
The record-high revenue was supported by strong performance across all core business clusters. The Group’s Ports segment saw a 24% YoY increase, while the Maritime & Shipping division experienced a substantial growth of 96% YoY. Economic Cities & Free Zones grew by 16% YoY, Logistics by 48% YoY and Digital by an impressive 62% YoY.
Regarding revenue composition, 40% 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% 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% YoY increase. EBITDA margins also showed significant improvement, rising from 17.9% in Q3 2023 to 26% in Q3 2024, slightly higher than the 25.6% margin recorded in Q2 2024.
In terms of profitability, the Group’s total net profit increased by 11% YoY, reaching US$121 million in Q3 2024. However, after accounting for minorities, net profit was US$81 million, representing a 21% YoY decline. This decrease was due to a one-time US$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% this year, and by 2% in 2025, according to Clarkson Research. The global economic situation has developed slightly better than expected this year, and the regional macro environment remains solid, supporting demand and rates for AD Ports Group.”
