AD Ports Group delivers impressive Q2 YoY increases
(Posted on 13/08/24)
Driven by organic growth in the Ports, Logistics and Digital Clusters, and by the acquisitions of Noatum and GFS on the inorganic front, AD Ports Group revenue has more than doubled Year-on-Year (YoY) to AED 4.18 billion in Q2 2024.
EBITDA soared 56% YoY to AED 1.07 billion in Q2 2024, +8% YoY on a LFL basis and there was a +6% YoY on a Like-For-Like (LFL) basis, adjusted for M&A impact.
Total Net Profit reached AED 439 million in Q2 2024, +42% YoY, and +55% YoY adjusted for the introduction of corporate income tax in the UAE.
Key business highlights a 50-year land lease agreement signed with UAE-based Ducab Metals Business for expanding the latter’s manufacturing capabilities in KEZAD, adding 51,000 sqm to the existing 50,000 sqm facility specialised in copper and aluminium products and solutions
Noatum, an AD Ports Group company, has launched maritime services in Türkiye and AD Ports Group acquired an 81% stake in a JV that secured a 20-year concession agreement to upgrade and operate the existing Luanda multipurpose port terminal in Angola, and a 90% stake in another JV that will serve the terminal and the broader Angolan logistics market.
A strategic agreement was also signed with ADNOC Distribution for marine lubricants supply to customers in the UAE in initial stages, and globally at a later stage.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group said, “Our strong second-quarter results provide further compelling proof of the success of AD Ports Group’s targeted, value-enhancing international expansion, which is being driven not only by acquisitions, but also by solid organic growth across our core businesses. Looking ahead to the remainder of 2024 and beyond, we are on course for the profitable internationalisation of the Group. As we continue along this exciting journey, we remain inspired and guided by our wise leaders’ vision of a future marked by global connectivity, sustainability and innovative thinking to guide us through the current geopolitical headwinds.’’
Martin Aarup, Group Chief Financial Officer, said “Our strong Q2 2024 financial results reflect the effects of recent accretive acquisitions, and the positive organic growth of our five-pillar business portfolio, which was led during this period by our Ports, Logistics and Digital clusters. The Group recorded EBITDA of AED 1.07 billion in Q2 2024, up 56% year-on-year, and 8% on a like-for-like basis excl. the base effect of M&A. As our group expands and grows more international, we are committed to steering AD Ports Group profitably through macroeconomic turbulence whilst leveraging future growth opportunities as they arise.”
“As the strategic gateway to the Arabian Gulf region’s fastest growing economy, AD Ports Group has logged another quarter of record revenue and earnings growth, supported by the acquisitions of Noatum and GFS, and strong underlying organic growth from a majority of our core businesses. Looking ahead, we plan to accelerate this strategy of ‘intelligent internalisation’ to leverage synergies of our expanding business ecosystem and global footprint to drive the economic diversification of the UAE away from the energy sector,” said Ross Thompson, Group Chief Strategy and Growth Officer.
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