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Abu Dhabi Ports Group records robust financial performance for Q2 of 2024
(MENAFN) Abu Dhabi Ports Group has announced a remarkable increase in its financial performance for the second quarter of 2024. The company reported a 56 percent year-on-year rise in earnings before interest, tax, depreciation, and amortization (EBITDA), coupled with a 42 percent growth in net profit. According to the results disclosed on the Abu Dhabi Securities Exchange, the group's revenues more than doubled, soaring by 103 percent to AED 4.18 billion (USD1.14 billion). This substantial growth was attributed to organic expansion in the ports, logistics, and digital sectors, as well as recent acquisitions of "Noatum" and "GFS." On a like-for-like basis, excluding the effects of mergers and acquisitions, the company achieved a 6 percent annual growth.
The group's net profit reached AED 439 million (approximately USD120 million) for the quarter, marking a 42 percent increase from the previous year, and a 55 percent rise when excluding corporate income tax in the UAE. Net profit, after accounting for minority shares, amounted to AED 333 million, reflecting a 16 percent year-on-year increase. Total assets grew by 24 percent year-on-year to AED 61.4 billion, while total equity rose by 21 percent to AED 27.2 billion. The net debt to EBITDA ratio remained well-managed at 3.6x, slightly higher than the previous quarters but indicative of strong quarterly performance.
In terms of capital expenditure, AED 1.18 billion was allocated to organic growth in Q2 2024, with a total of AED 2.45 billion spent in the first half of the year. This aligns with the Group’s capital expenditure program, which aims for AED 12-15 billion between 2024 and 2028, and an annual expenditure guidance of AED 4-4.5 billion. Standard & Poor’s Global affirmed Abu Dhabi Ports Group’s “A+” and “gcAAA” ratings, reflecting the company's robust operational performance and stable outlook, underscoring its sound business model and prudent growth strategy.
The group's net profit reached AED 439 million (approximately USD120 million) for the quarter, marking a 42 percent increase from the previous year, and a 55 percent rise when excluding corporate income tax in the UAE. Net profit, after accounting for minority shares, amounted to AED 333 million, reflecting a 16 percent year-on-year increase. Total assets grew by 24 percent year-on-year to AED 61.4 billion, while total equity rose by 21 percent to AED 27.2 billion. The net debt to EBITDA ratio remained well-managed at 3.6x, slightly higher than the previous quarters but indicative of strong quarterly performance.
In terms of capital expenditure, AED 1.18 billion was allocated to organic growth in Q2 2024, with a total of AED 2.45 billion spent in the first half of the year. This aligns with the Group’s capital expenditure program, which aims for AED 12-15 billion between 2024 and 2028, and an annual expenditure guidance of AED 4-4.5 billion. Standard & Poor’s Global affirmed Abu Dhabi Ports Group’s “A+” and “gcAAA” ratings, reflecting the company's robust operational performance and stable outlook, underscoring its sound business model and prudent growth strategy.
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