UAE, 13 August, 2024 : AD Ports Group reported a 16% year-on-year increase in Q2 2024 net profit to AED 333 million ($90.6 million), though this fell short of analysts' expectations of AED 412 million, according to LSEG data.
The group's revenue more than doubled to AED 4.18 billion, driven by organic growth in the Ports, Logistics, and Digital Clusters, along with contributions from the acquisitions of Noatum and GFS.
AD Ports Group invested AED 1.18 billion in organic growth capex, aligning with its annual guidance of AED 4 to 4.5 billion.
However, the company warned that ongoing attacks on ships in the Red Sea and Gulf of Aden have caused significant logistics and supply chain disruptions, expected to persist through the end of 2024.
Source : www.zawya.com
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