PHOTO
The UAE's AD Ports Group on Tuesday posted Q2 2024 net profit attributable of the owners of 333 million dirhams ($90.6 million), up 16% year-on-year (YoY).
The net profit came below analysts’ mean estimate of AED 412 million, according to LSEG data.
Revenue more than doubled AED 4.18 billion, driven by organic growth in the Ports, Logistics and Digital Clusters, the Abu Dhabi-based logistics facilitator said in an ADX statement. Acquisitions of Noatum and GFS also added to the top-line.
The group spent AED 1.18 billion in organic growth capex, in line with its yearly guidance of AED 4 to 4.5 billion.
The ports group warned that the continued attacks on ships in the Red Sea and the Gulf of Aden have caused logistics and supply chain disruptions which are expected to continue at least until the end of 2024.
(Reporting by Brinda Darasha; editing by Daniel Luiz)