AD Ports Group reported more than doubling of its revenue on an annual basis to AED3.89 billion in the first quarter of 2024.
The port and logistics major also announced a 10 percent rise in its net profit in the quarter to AED400 million.
The group also announced the completion of acquisition of APM Terminals Castellon in Spain, Sesé Auto Logistics in Europe, Karachi Gateway Terminal Multipurpose Limited (KGTML) in Pakistan, Dubai Technologies in the UAE, and GFS in the UAE in the first quarter of this year.
Both revenue and EBITDA growth were driven by the Maritime & Shipping, Ports, Logistics, and Digital Clusters, as well as M&A effect, particularly Noatum’s acquisition, which was completed on June 30, 2023, and GFS’ acquisition, which was completed on January 31, 2024, it said in a media release.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said the group was pleased to have continued the momentum of a successful 2023 through the first quarter of 2024, delivering strong financial and operational results.
“We are confident that with assets in Pakistan, Spain, Jordan, Egypt, Congo Brazzaville, Angola, Uzbekistan, Kazakhstan, Georgia, and the UAE, AD Ports Group is well-placed to benefit in today’s challenging markets,” he said.
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