ABU DHABI: AD Ports Group today announced an impressive net profit of AED445 million for the third quarter of 2024, reflecting a significant year-on-year growth. The company’s revenue for the same period reached a record AED4.66 billion, highlighting robust performance across its primary business segments.

According to Emirates News Agency, the Q3 2024 revenue represents a 10 percent increase compared to the previous year. When adjusted for vessel trading activities recorded in Q3 2023, the revenue showcases a 60 percent rise. On a like-for-like basis, which takes into account the effects of mergers and acquisitions as well as vessel trading activities, the revenue for Q3 2024 experienced a 28 percent year-on-year growth.

The company reported an EBITDA of AED1.21 billion for Q3, marking a 60 percent increase from the previous year and achieving a nearly 100 percent cash conversion rate. Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, expressed satisfaction with the performance, stating tha
t the results underscore the strong foundation of AD Ports Group’s core businesses and the strategic advantages of its ‘intelligent’ internationalisation approach.