AD Ports posts record Q3 net profit of Dh975 million, up 64%
Dubai: AD Ports Group posted a record quarterly net profit of Dh975 million for the third quarter, up 64 per cent from a year earlier. Revenue rose 48 per cent to Dh7.99 billion, the Abu Dhabi company reported its financial results on November 11. Disruptions in the Strait of Hormuz continued to impact UAE ports operations during the period. Profit and margins EBITDA grew faster than sales. It…
Dubai-based AD Ports Group reported a record third quarter net profit of Dh975 million, marking a 64% increase from the same period last year. Revenue grew 48% to Dh7.99 billion. Disruptions in the Strait of Hormuz impacted operations, but the company responded by rerouting cargo, deploying new land and air bridges, and adding warehousing.
CEO Afif Saif Al Yafei attributed the strong performance to the company's resilience, integrity, and unique customer-centric solutions. UAE container throughput declined 57% year-on-year, but bulk and general cargo volumes rebounded 48%. UAE container capacity utilization rose to 29%, up from 22%. Maritime and shipping contributed 58% of group revenue, with container feeder volumes holding flat and rising 22% quarter-on-quarter.
Logistics revenue jumped 76% to Dh1.96 billion, while EBITDA grew 246% to Dh116 million. Cash flow from operations tripled to Dh2.94 billion, with net leverage falling to 3.5x. AD Ports completed its largest-ever acquisition, Brazil's Corredor Logística e Infraestrutura (CLI), which will provide the business with a strong international dimension.
L'IMAD Holding Company offered Dh6.25 ($1.70) a share for AD Ports, acquiring a 98.93% stake and delisting from the Abu Dhabi Securities Exchange.
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Also reported by 1 other outlet
- AD Ports third-quarter net profit jumps 73% on Hormuz impact mitigation efforts thenationalnews.com
