The company said in a statement on the website Abu Dhabi Financial MarketIt recorded an increase in revenues during the first nine months of the year by 57 percent, reaching 12.7 billion dirhams.
While it recorded net profits during the first nine months of the year amounting to 1.3 billion dirhams, with a growth rate of 19 percent on an annual basis.
Below are the company’s most important data:
- For the first time since its listing on the stock market, it achieved a set Abu Dhabi Ports Positive free cash flow on a quarterly basis, in light of the continued acceleration of its EBITDA growth, a high rate of cash conversions, and a low rate of capital spending.
- Double-digit revenue growth on a like-for-like basis and EBITDA growth for the ports sector, the economic cities and free zones sector, the maritime and shipping sector, and the logistics sector
- Achieving strong operational performance across the group’s business portfolio
cash flow
- In the third quarter of 2024, it has doubled cash flow of operations on a quarterly basis, reaching 1.2 billion dirhams, driven by strong EBITDA performance and a high cash conversion rate of nearly 100 percent.
- In parallel, it decreased Capital spending by 31 percent on a quarterly basis, resulting in positive free cash flow of AED 307 million for the quarter.
- AED 808 million has been allocated to organic growth capital spending in the third quarter of 2024, bringing the total to date to AED 3.3 billion, in line with the Group’s continued implementation of its organic capital spending program worth AED 12-15 billion between 2024 and 2028, while it is likely To arrive Capital expenditures This year to about 4.5 billion dirhams.
Revenue
- Revenues increased to 4.66 billion dirhams in the third quarter of 2024, by +10 percent year-on-year, and by +60 percent excluding ship trading activities in the third quarter of 2023. Revenues in the third quarter of 2024 also grew by 28 percent year-on-year. On an annualized and like-for-like basis, excluding the impact of mergers and acquisitions and ship trading activities.
- Recording the highest quarterly revenues ever thanks to the strong performance of all the group’s business sectors, by +24 percent on an annual basis for the ports sector, and by +96 percent on an annual basis for the maritime and shipping sector (excluding ship trading activities in the third quarter of 2024), By +16 percent on an annual basis for the economic cities and free zones sector, by +48 percent on an annual basis for the logistics sector, and by +62 percent on an annual basis for the digital sector.
- 40 percent of 9M 2024 revenue was long-term/fixed revenue (compared to 46 percent of 1H 2024 revenue), primarily due to the strong performance of the container shipping business.
EBITDA
- It rose to 1.21 billion dirhams in the third quarter of 2024, by +60 percent on an annual basis, and by +124 percent excluding ship trading activities in the third quarter of 2023, and by +63 percent on an annual basis and comparing like with like excluding the impact of trade deals. Mergers, acquisitions and ship trading activities
- EBITDA margin increased from 17.9 percent in Q3 2023 to 26 percent in Q3 2024 (compared to 25.6 percent in Q2 2024).
Profits
- Continued steady growth in total net profits by +11 percent year-on-year to reach AED 445 million in the third quarter of 2024.
- Net profit after deducting minority interests amounted to 301 million dirhams, down by 21 percent year-on-year, due to a non-recurring accounting charge of 40 million dirhams related to debt refinancing.
