ABU DHABI (WAM)
AD Ports Group on Tuesday reported record levels of revenue and profit in Q3 2024 of Dh4.66 billion and Dh445 million, respectively, driven by strong growth across its core businesses.
The Q3 2024 revenue of Dh4.66 billion marks a 10 per cent year-on-year (YoY) increase and a 60 per cent rise when normalised for vessel trading activities booked in Q3 2023.
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 per cent YoY growth.
EBITDA surged to Dh1.21 billion for Q3, representing a 60 per cent year-on-year increase and a nearly 100 per cent 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.”