AD Ports reports another year of record results
(Posted on 14/02/25)
AD Ports Group, Abu Dhabi based enabler of integrated trade, transport and logistics solutions, has announced its preliminary unaudited financial results for the fourth quarter and full year ending 31st December 2024.
The year was characterised by solid organic growth operationally and financially, fuelled by inorganic growth primarily coming from Noatum and GFS, a strengthened balance sheet with lower leverage and a stronger liquidity position, and significantly improved cash flow generation with the Group reaching positive Free Cash Flow to the Firm (FCFF) two quarters in a row in Q3 and Q4 2024. 2024 saw 69% YoY growth in EBITDA to AED 4.51 Billion and 31% YoY growth in Total Net Profit to AED 1.78 Billion.
Highlights during the past year included:
- Secured a 25-year concession agreement for a Bulk and General Cargo Terminal at Karachi Port in Pakistan (KGTML).
- Secured 81% ownership in the JV that signed a 20-year concession agreement to operate and upgrade the existing Luanda Multipurpose Port Terminal in Angola.
- Acquired 70% ownership in Safina, a provider of maritime agency and cargo services in Egypt.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, said, “2024 marked another year of record revenue and earnings with the Group delivering on its primary mission to enable trade. Not only did we deploy an agile, effective business strategy that translated geopolitical uncertainty in some regions into record revenue and profit, but we also leveraged the integration of our recent acquisitions to attain a new level of efficiency, international significance, and to maximise the financial synergies from the consolidation of the acquired entities. Our Group, in line with the vision of our wise leadership, grew more global and became more cohesive and profitable as we expanded our reach to more than 50 countries on five continents, while continued making large investments in our core infrastructure in Abu Dhabi, positioning it at the forefront of global trade and advancing the UAE’s economic diversification and the growth of a green, sustainable economy. AD Ports Group enters 2025 with strong momentum, despite ongoing regional macroeconomic and geopolitical disruptions, as we continue our expansion and extract further value from the synergies of our Group.”
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