UAE port operator the AD Ports Group has announced its preliminary unaudited financial results for the fourth quarter and full year ending December 31, 2024.
Revenue increased 48 per cent year on year (YOY) to AED17.29 billion (US$4.71 billion) fuelled by M&A contribution with healthy double-digit organic growth across the group’s five business clusters ecosystem.
EBITDA recorded a 69 per cent YOY growth to AED4.51 billion (US$1.23 billion), implying an EBITDA margin of 26.1 per cent (vs. 22.8 per cent in 2023, +320 bps YOY). Strong operating performance was driven by the maritime and shipping, ports, and logistics clusters.
Profit before tax and minorities grew 45 per cent YOY to AED2.04 billion (US$560 million) in 2024, whereas group total net profit increased 31 per cent YOY to AED1.78 billion (US$480 million), implying a net profit margin of 10.3 per cent. The AD Ports Group’s bottom-line performance was strong despite the introduction of corporate income tax of nine per cent in the UAE in 2024.
Total assets grew by 15 per cent YOY to AED63.7 billion (US$17.3 billion) in 2024 while total equity increased 15 per cent YOY to AED27.83 billion (US$7.58). Significant growth in operating profits together with plateauing debt levels led to a 110bps reduction in net debt/EBITDA ratio to 3.3x as of December 2024, down from 4.4x in 2023.
The AD Ports Group strengthened its liquidity position with a cash and equivalents balance of AED2.83 billion (US$770 million) at end of 2024 driven by earnings growth and an additional liquidity booster through the refinancing and upsizing of its bank facilities.
