AD Ports Group, an enabler of integrated trade, transport and logistics solutions, today reported record levels of revenue and profit in Q3 2024 of AED 4.66 billion and AED 445 million, respectively, driven by strong growth across its core businesses.
AED 4.66 billion in Q3 2024, +10% Year-on-Year (YoY), +60% normalised for vessel trading activities booked in Q3 2023. On a Like-For-Like (LFL) basis, adjusted for M&A effect & vessel trading activities, Q3 2024 revenue grew 28% YoY.
The all-time high quarterly revenue was driven by a strong performance across the board, from all Clusters: +24% YoY for Ports, +96% YoY for Maritime & Shipping (normalised for the vessel trading activities in Q3 2024), +16% YoY for Economic Cities and Free Zones, +48% YoY for Logistics, and +62% YoY for Digital.
40% of 9M 2024 revenue were long-term/sticky revenue (vs. 46% of H1 2024 revenue), primarily diluted by the strong container shipping business performance.
Headline revenue for the Maritime & Shipping Cluster declined 11% YoY in Q3 2024, but normalised for the vessel trading activities that took place in Q3 2023, it surged 96% YoY, driven by all key business segments (+148% YoY for Shipping, +85% YoY for Offshore & Subsea, and +23% for Marine Services). On a LFL basis, adjusted for the vessel trading revenue and inorganic effect of GFS, revenue growth remained strong at 21% YoY.
Container shipping volumes increased more than five-fold YoY to 687K TEUs for the quarter driven by GFS acquisition and higher utilisation.
AD Ports Group has been ranked the world’s 19th largest container port operator by Drewry, leveraging its 2023 acquisitions of Spain-based Noatum and Karachi Port container terminal - KGTL. AD Ports Group was also included in the Drewry Port Equity Index, a benchmark global stock index of 10 large publicly traded ports operators.