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AD Ports Group on Tuesday announced that its total net profit reached AED439 million in Q2 2024, an increase of 42% Year-on-Year (YoY), while the net profit after minorities reached AED333 million in Q2 2024, an increase of 16% YoY.
In a press release, the company said that revenues have more than doubled YoY to AED4.18 billion in Q2 2024. The increase was driven by organic growth in the Ports, Logistics and Digital Clusters, and by the acquisitions of Noatum and GFS on the inorganic front.
EBITDA soared 56% YoY to AED1.07 billion in Q2 2024, a rise of 8% YoY on an Like-For-Like (LFL) basis, while the EBITDA margin stood at 25.6% in the same period.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said, “Our strong Q2 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.’’
Martin Aarup, Group Chief Financial Officer of AD Ports, stated, “Our strong Q2 2024 financial results reflect the effects of recent accretive acquisitions and the positive organic growth of our five-pillar business portfolio, which was led during this period by our Ports, Logistics and Digital clusters.”
Ross Thompson, Group Chief Strategy and Growth Officer of AD Ports, said, “Looking ahead, we plan to accelerate this strategy of ‘intelligent internalisation’ to leverage synergies of our expanding business ecosystem and global footprint to drive the economic diversification of the UAE away from the energy sector.”