The growing global footprint of the AD Ports Group was clearly reflected in its full-year financial results for 2024 as it posted revenue of AED 17.29 billion ($4.7 billion), up 48 per cent over FY 2023, fuelled by M&A contribution with healthy double-digit organic growth across the group’s five business clusters.
EBITDA was up 69 per cent YoY to AED 4.51 billion ($1.23 billion), implying an EBITDA margin of 26.1 per cent, compared to 22.8 per cent in 2023 and a difference of 320 bps. Profit before tax and minorities was up 45 per cent to AED 2.04 billion ($560 million), while total net profit increased 31 per cent to AED 1.78 billion ($480 million), implying a net profit margin of 10.3 per cent.
The Abu Dhabi-based enabler of integrated trade, transport and logistics solutions company’s bottom-line performance was strong despite the introduction of corporate income tax of 9 per cent in the UAE in 2024, and net profit attributable to owners grew 24 per cent YoY to AED 1.33 billion ($360 million).
Total assets grew by 15 per cent to AED 63.70 billion ($17.35 billion) in 2024 while total equity increased by 15 per cent to AED 27.83 billion ($7.58 billion). Significant growth in operating profits, together with plateauing debt levels, led to a 110bps reduction in Net Debt/EBITDA ratio to 3.3x, down from 4.4x in 2023.
The year was characterised by solid organic growth operationally and financially, fuelled by inorganic growth primarily coming from Noatum and Global Feeder Shipping (GFS), a strengthened balance sheet with lower leverage and a stronger liquidity position, and significantly improved cash flow generation with the group reaching positive Free Cash Flow to the Firm (FCFF) two quarters in a row.
In 2024, there was no major acquisition announced. The focus was on securing port assets and concessions and integrating previously announced strategic acquisitions of Noatum and GFS.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, commented: “It was 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 and 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 maximise 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 continued making large investments in our core infrastructure in Abu Dhabi, positioning it at the forefront of global trade and advancing the UAE’s economic diversification.
“AD Ports Group enters 2025 with strong momentum. Despite ongoing regional macroeconomic and geopolitical disruptions, we continue our expansion and extract further value from our group synergies.”
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