AD Ports Group on Friday, February 14, announced its preliminary unaudited financial results for the fourth quarter and full year ending December 31, 2024.
Publish dateSaturday 15 February 2025 - 19:42
According to Amac News, based on the Group’s announcement, Profit Before Tax and Minorities increased by 45% compared to 2023, reaching AED2.04 billion, while the Group's total net profit rose by 31% year-on-year to AED1.78 billion, implying a net profit margin of 10.3%.
The group reported a revenue increase of 48% year-on-year to AED17.29 billion, driven by M&A contributions and healthy double-digit organic growth across the Group's five business clusters.
The strengthened balance sheet showed lower leverage and a stronger liquidity position, with significantly improved cash flow generation, allowing the Group to achieve positive Free Cash Flow to the Firm (FCFF) in two consecutive quarters in Q3 and Q4 2024.
EBITDA recorded an impressive 69% year-on-year growth to AED4.51 billion, resulting in an EBITDA margin of 26.1% (compared to 22.8% in 2023, +320 basis points year-on-year).
AD Ports Group achieved this positive profitability performance in 2024 despite the introduction of a 9% corporate income tax in the UAE.
Additionally, net profit attributable to owners grew by 24% year-on-year to AED1.33 billion, driven by strong operational performance.
Total assets of Abu Dhabi Ports Group increased by 15% year-on-year to AED63.70 billion in 2024, while total equity also rose by 15% year-on-year to AED27.83 billion.
Significant growth in operating profits, along with stable debt levels, led to a 110 basis point reduction in the net debt to EBITDA ratio to 3.3x as of December 2024, down from 4.4x in 2023.
AD Ports Group also strengthened its liquidity position with a cash and cash equivalents balance of AED2.83 billion at the end of 2024, driven by revenue growth and an additional liquidity booster through refinancing and upsizing its bank facilities.
The group reported a revenue increase of 48% year-on-year to AED17.29 billion, driven by M&A contributions and healthy double-digit organic growth across the Group's five business clusters.
The strengthened balance sheet showed lower leverage and a stronger liquidity position, with significantly improved cash flow generation, allowing the Group to achieve positive Free Cash Flow to the Firm (FCFF) in two consecutive quarters in Q3 and Q4 2024.
EBITDA recorded an impressive 69% year-on-year growth to AED4.51 billion, resulting in an EBITDA margin of 26.1% (compared to 22.8% in 2023, +320 basis points year-on-year).
AD Ports Group achieved this positive profitability performance in 2024 despite the introduction of a 9% corporate income tax in the UAE.
Additionally, net profit attributable to owners grew by 24% year-on-year to AED1.33 billion, driven by strong operational performance.
Total assets of Abu Dhabi Ports Group increased by 15% year-on-year to AED63.70 billion in 2024, while total equity also rose by 15% year-on-year to AED27.83 billion.
Significant growth in operating profits, along with stable debt levels, led to a 110 basis point reduction in the net debt to EBITDA ratio to 3.3x as of December 2024, down from 4.4x in 2023.
AD Ports Group also strengthened its liquidity position with a cash and cash equivalents balance of AED2.83 billion at the end of 2024, driven by revenue growth and an additional liquidity booster through refinancing and upsizing its bank facilities.
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Source : news agency wam
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