AD Ports Group reveals strong financial performance in first quarter of 2024
Date
5/14/2024 8:00:56 AM
(MENAFN) Abu Dhabi Ports Group has unveiled its financial performance for the first quarter ending on March 31, 2024, revealing robust operational and financial outcomes. The group reported remarkable growth in revenues, which more than doubled year-on-year, soaring to 3.89 billion dirhams (equivalent to about USD1.1 billion). This represents a substantial increase of over 22 percent compared to the corresponding period last year, when excluding the impact of mergers and acquisitions.
Notably, the group achieved significant earnings before interest, taxes, depreciation, and amortization (EBITDA) of 1.04 billion dirhams during the first quarter of 2024, marking a remarkable surge of 49 percent year-on-year. Additionally, total net profits for the quarter reached 400 million dirhams, demonstrating a growth rate of over 10 percent annually. Excluding the effects of corporate income tax introduced in the United Arab Emirates, the net profit growth rate surpasses 21 percent.
Despite these impressive financial achievements, the EBITDA margin for the first quarter of 2024 stood at 26.7 percent, reflecting a decrease compared to the corresponding period in 2023, when it was reported at 38.5 percent. However, when excluding non-recurring profits recorded in the fourth quarter of 2023, the EBITDA margin for the current quarter remains stable at 27.1 percent.
Abu Dhabi Ports Group's robust financial performance underscores its strong operational capabilities and strategic initiatives aimed at driving growth and profitability. The significant revenue growth, along with substantial increases in EBITDA and net profits, positions the group as a key player in the maritime and logistics sectors, contributing to the economic prosperity of the United Arab Emirates.
MENAFN14052024000045015682ID1108210550
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.