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Abu Dhabi-based AD Ports Group has reported record levels of revenue and profit in the third quarter of 2024 – AED 4.66 billion and AED 445 million, respectively – driven by strong growth across its core businesses. Revenues were up 10% compared with the same period in 2023, and on a like-for-like basis grew by 28%. The group has continued also to see steady growth in total net profits, which were up 11% compared with the third quarter of 2023.
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.”
Business highlights of this period, which are expected to help sustain further growth, include the acquisition of a 60% stake in Tbilisi Dry Port in Georgia; the acquisition of a majority stake in Safina, a leading provider of maritime agency and cargo services in Egypt; and 50-year land lease agreements signed with UAE-based Azizi Developments, Abundance Solar Panel Industries and Apex Engineering Industries.
Ross Thompson, Group Chief Strategy and Growth Officer, added: “The impressive top- and bottom-line achievements of AD Ports Group in the third quarter of 2024 reflect the underlying resilience of our multi-cluster business structure, which complements and amplifies individual growth opportunities and encourages a level of internal collaboration that enables the Group to convert sudden market disruptions into short-term gains. The record results at our flagship Khalifa Port, coupled with the contributions from recently acquired businesses in Europe, Egypt and Pakistan, are persuasive examples of our broad-based growth trajectory.”
