AD Ports Group Delivers Record Revenue of AED 4.66 billion and Total Net Profit of AED 445 million in Q3 2024; Turns Free Cash Flow Positive for the Quarter

• For the first time since listing, AD Ports Group turned free cash flow positive on a quarterly basis amidst continued EBITDA growth acceleration, higher cash conversion, and lower CapEx spend
• Double-digit LFL revenue and EBITDA growth for Ports, EC&FZ, Maritime & Shipping, and Logistics
• Strong operational performance across the board

Abu Dhabi, UAE – 12 November 2024:AD Ports Group (ADX: ADPORTS), an enabler of integrated trade, transport and logistics solutions, today reported record levels of revenue and profit in Q3 2024 of AED 4.66 billion and AED 445 million, respectively, driven by strong growth across its core businesses.

Condensed Consolidated Profit & Loss

1. EBITDA is calculated by taking net profit and adding depreciation and amortization, finance costs, income tax expense, impairment of investment properties and subtracting government grants, fair value gain on pre-existing interest in a joint venture and finance income
2. Based on the weighted average number of shares for the period

Condensed Consolidated Balance Sheet & Cashflow Statement

AED m	Q3 2023	Q2 2024	Q3 2024	YoY (%)	9M 2023	9M 2024	YoY (%)
Total Assets	52,202	61,407	63,725	22%	52,202	63,725	22%
Total Liabilities	28,967	34,205	35,715	23%	28,967	35,715	23%
Total Equity	23,235	27,201	28,011	21%	23,235	28,011	21%
Net Debt 3)	11,393	15,273	15,436	4,043	11,393	15,436	4,043
Net Debt / EBITDA (x) 3)	4.0	3.6	3.5	-0.5	4.0	3.5	-0.5
RoACE (%) 4)	6.5%	6.6%	6.9%	+0.4%	6.5%	6.9%	+0.4%
Cash Flow from Operations	(579)	591	1,199	–	263	2,571	876%
CapEx	(800)	(1,176)	(808)	1%	(3,652)	(3,255)	-11%
Cash Flow from Investments	(822)	(1,310)	(892)	8%	(5,316)	(4,992)	-6%
Free Cash Flow (FCFF)	(1,401)	(719)	307	–	(5,053)	(2,421)	-52%

• EBITDA is calculated by taking net profit and adding depreciation and amortization, finance costs, income tax expense, impairment of investment properties and subtracting government grants, fair value gain on pre-existing interest in a joint venture and finance income
• Return on Average Capital Employed is based on the weighted average number of shares for the period

 

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, which under the wise guidance of our leadership in the UAE is driving a prudent, selective global expansion coupled with an emphasis on sustainability. 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 2.0% 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.”

Martin Aarup, Group Chief Financial Officer, commented:“Our strong Q3 2024 financial results, in which the Group turned  free cash flow positive for the first time on a quarterly basis, provide further corroboration of the accretive growth benefits of our synergistic five-pillar business portfolio, which generated strong growth across the board. The Group recorded a record quarterly EBITDA of AED 1.21 billion in Q3 2024, up 60% year-on-year, and 63% on a like-for-like basis. Our demonstrated restraint on CapEx in Q3 2024, and our near 100% cash conversion rate, are strengths that will continue to drive our profitable growth despite prevailing macroeconomic and geopolitical turbulence.”

Ross Thompson, Group Chief Strategy and Growth Officer, said:

“The impressive top- and bottom-line achievements of AD Ports Group in Q3 2024 reflect the underlying resilience of our multi-cluster business structure, which complements and amplifies individual growth opportunities and encourages a level of internal collaboration that enables the Group to convert sudden market disruptions into short-term gains. The record Q3 results at our flagship Khalifa Port, coupled with the contributions from recently acquired businesses in Europe, Egypt and Pakistan, are persuasive examples of our broad-based growth trajectory.”

– ENDS –

For more information, please visit: adportsgroup.com

For Investor information, please contact:

Marc Hammoud

Vice President, Investor Relations, AD Ports Group

marc.hammoud@adports.ae

+971 2 697 2790

For media information, please contact:

Sana Maadad

Group Communications Director, AD Ports Group

Sana.maadad@adports.ae

+97150 6250890