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AD Ports has delivered an impressive 42% growth in its net profits for the second quarter of 2024, rising to AED 439 million, with revenues more than doubling to AED 4.18 billion, compared with the second quarter of 2023. The improved performance was driven by organic growth in its Ports, Logistics and Digital Clusters, as well as by the acquisition of Noatum and GFS.
The Ports Cluster’s strong financial performance came primarily from the general cargo, container and ro-ro businesses. Quarterly container throughput recorded strong growth, to 1.6 million TEU, up 34% against the 1.2 million handled in the equivalent months of 2023. At Khalifa Port, which accounted for 85% of total container throughput, utilisation at the two operational container terminals increased sharply to 71%, up from 60% in the second quarter of 2023.
General cargo volumes rose by 46% to reach 12.8 million tons compared with 8.8 million tons in the second quarter of 2023, while ro-ro volumes increased more than 500% to 385,000 vehicles in the second quarter of 2024. However cruise passenger volumes dropped 73% year-on-year during the quarter due to the impact of Red Sea disruptions on the Aqaba Cruise Terminal operations.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group commented: “Our strong second quarter results provide further compelling proof of the success of AD Ports Group’s targeted, value-enhancing international expansion, which is being driven not only by acquisitions, but also by solid organic growth across our core businesses. Looking ahead to the remainder of 2024 and beyond, we are on course for the profitable internationalisation of the Group.’’
