AD Ports Group: Q1-2024 Sees Remarkable Revenue Surge and Profit Growth

UAE, 14 May, 2024 :  AD Ports Group, buoyed by new management contracts and strategic deals, witnessed a remarkable surge in revenues, soaring to Dh3.89 billion in the first three months of 2024.

The Abu Dhabi-based ports and zones operator expanded its portfolio through acquisitions, including APM Terminals Castellon in Spain, Sesé Auto Logistics in Europe, Karachi Gateway Terminal Multipurpose Limited (KGTML) in Pakistan, and Dubai Technologies and GFS in the UAE.

The revenue spike, accompanied by robust EBITDA growth, stemmed from the Group's maritime, shipping, ports, logistics, and digital clusters. Key contributors were recent mergers and acquisitions, notably Noatum’s acquisition and GFS's integration.

Despite challenging market conditions, the Group posted a net profit of Dh400 million, marking a 10% year-on-year increase. Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, expressed confidence in the Group's diversified global presence across various regions.

With strategic assets in Pakistan, Spain, Jordan, Egypt, Congo Brazzaville, Angola, Uzbekistan, Kazakhstan, Georgia, and the UAE, AD Ports Group is well-positioned to navigate current geopolitical disruptions.

While cash flow from operations surged to Dh781 million due to improved performance and working capital, increased cash usage in investing activities, driven by M&A transactions and ongoing capex investments, resulted in a larger negative free cash flow for the quarter.

Martin Aarup, Group Chief Financial Officer, highlighted the Group's resilient financial management amid economic volatility, emphasizing prudent capital allocation to strategic priorities to ensure resilience against economic turbulence.

Source : www.gulfnews.com