PHOTO
ABU DHABI - AD Ports Group today reported record levels of revenue and profit in Q3 2024 of AED4.66 billion and AED445 million, respectively, driven by strong growth across its core businesses.
The Q3 2024 revenue of AED4.66 billion marks a 10 percent year-on-year (YoY) increase and a 60 percent rise when normalised for vessel trading activities booked in Q3 2023.
On a like-for-like (LFL) basis, adjusting for the impact of mergers and acquisitions (M&A) and vessel trading activities, Q3 2024 revenue saw a 28 percent YoY growth.
EBITDA surged to AED1.21 billion for Q3, representing a 60 percent year-on-year increase and a nearly 100 percent cash conversion rate.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, said, “Our strong third-quarter results, which set records for quarterly revenue and profitability, illustrate once again the robust underlying health of our core businesses and the value-enhancing benefits of AD Ports Group’s ‘intelligent’ internationalisation strategy.”