AD Ports Group Delivers Record Q3 2023 Results with Net Profit of AED 403 Million, up 20% YoY

• Q3 2023 Revenue grew by 189% YoY to AED 4.24 billion, driven by Noatum consolidation as well as the Maritime & Shipping and EC&FZ clusters (+113% YoY on a LFL basis)
• Q3 2023 EBITDA increased 28% YoY to AED 759 million (+2% on a LFL basis), implying an EBITDA margin of 17.9%
• Q3 2023 Total Net Profit increased 20% YoY to AED 403 million
• Continued strong volume growth: +19% YoY for Container volumes, +25% YoY for General Cargo volumes, +651% YoY for Ro-Ro volumes, +30% YoY for Feedering Container volumes, +5% YoY and -28% YoY for Ocean and Air Freight volumes, and +10% YoY for Polymers volumes
• In EC&FZ, 0.4 sq km (net) of new land leases were added during the quarter while warehouse leases soared 66% YoY
• Freight rates normalised close to pre-COVID19 levels in H1 2023 and have been consolidating since then, although better-than-expected global macro data and renewed geopolitical tensions have resulted in pockets of strengths lately