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Abu Dhabi’s AD Ports Group posted a double-digit growth in its net profit for the third quarter of the year as revenue nearly tripled, underpinned by recent investments.
Total net profit for the quarter jumped by 20% year-on-year to AED 403 million ($109.7 million),
Revenue surged by 189% to AED4.24 billion, which included the effect of recent investments, notably AD Ports’ acquisition of Noatum’s logistics, maritime and ports businesses, the company said in a statement on the Abu Dhabi Securities Exchange (ADX).
Earnings before interest, tax and amortisation (EBITDA) rose by 28% to AED759 million, largely supported by the acquisition of Noatum and investment in Karachi Gateway Terminal.
The biggest growth contributor for the company in Q3 was its maritime and shipping cluster, with revenue and EBITDA accounting for 56% and 33% of the total, respectively. The cluster turned over AED2.44 billion in revenue during the period, up by 264% from a year earlier.
AD Ports Group said it maintains its EBITDA margin guidance of 25% to 30% in the medium term as it expects the revenue mix to continue to rebalance while it continues to invest heavily in the future.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
