AD Ports Group revealed its preliminary unaudited financial results for the fourth quarter and full year ending December 31, 2024. Profit Before Tax and Minorities rose by 45 percent year-over-year to AED2.04 billion in 2024, while the Group’s Total Net Profit saw a 31 percent year-over-year increase to AED1.78 billion ($484.6 million), resulting in a Net Profit margin of 10.3 percent. The bottom-line performance of AD Ports Group remained robust despite the implementation of a corporate income tax of 9 percent in the UAE in 2024. Revenue surged by 48 percent year-over-year to AED17.29 billion, boosted by contributions from mergers and acquisitions alongside strong double-digit organic growth across the Group’s five business clusters ecosystem.
2024 was marked by robust organic growth both operationally and financially, driven by inorganic growth primarily from Noatum and GFS, a strengthened balance sheet characterized by lower leverage and enhanced liquidity, and a significant boost in cash flow generation. The Group achieved positive Free Cash Flow to the Firm (FCFF) for two consecutive quarters in Q3 and Q4 2024.
EBITDA growth of 69 percent
EBITDA showcased a growth of 69 percent year-over-year to AED4.51 billion ($1.2 billion), leading to an EBITDA margin of 26.1 percent (compared to 22.8 percent in 2023, a 320 basis points increase year-over-year). The strong operational performance was largely driven by the Maritime & Shipping, Ports, and Logistics Clusters.
Net Profit Attributable to Owners increases by 24 percent
Net Profit Attributable to Owners increased by 24 percent year-over-year to AED1.33 billion, driven by strong operational performance.
Total Assets expanded by 15 percent year-over-year to AED63.70 billion in 2024, while Total Equity also grew by 15 percent year-over-year to AED27.83 billion.
The significant growth in operating profits, coupled with steady debt levels, resulted in a 110 basis points reduction in the Net Debt/EBITDA ratio to 3.3 times as of December 2024, down from 4.4 times in 2023.
Strengthened liquidity position
AD Ports Group enhanced its liquidity position, achieving a cash and equivalents balance of AED2.83 billion at the end of 2024. This was driven by earnings growth and an additional liquidity boost from the refinancing and upsizing of its bank facilities.
Captain Mohamed Juma Al Shamisi, managing director and group CEO, stated, “2024 marked another year of record revenue and earnings with the Group delivering on its primary mission to enable trade. Not only did we deploy an agile, effective business strategy that translated geopolitical uncertainty in some regions into record revenue and profit, but we also leveraged the integration of our recent acquisitions to attain a new level of efficiency, international significance, and to maximize the financial synergies from the consolidation of the acquired entities.
Our Group, in line with the vision of our wise leadership, grew more global and became more cohesive and profitable as we expanded our reach to more than 50 countries on five continents, while continuing to make substantial investments in our core infrastructure in Abu Dhabi, positioning it at the forefront of global trade and advancing the UAE’s economic diversification and the growth of a green, sustainable economy.”
