Abu Dhabi – Mubasher: AD Ports Group logged net profits attributable to the equityholders valued at AED 313.83 million in the first quarter (Q1) of 2024, down from AED 330.93 million a year earlier.

Revenues more than doubled to AED 3.88 billion in Q1-24, compared to AED 1.81 billion in Q1-23, according to the consolidated income statements.

Basic and diluted earnings per share (EPS) fell year-on-year (YoY) to AED 0.06 as of 31 March 2024 from AED 0.07.

Total assets hit AED 58.25 billion in Q1-24, higher than AED 55.61 billion at the end of December 2023.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) hiked by 49% YoY to AED 1.04 billion in the January-March 2024 period.

In Q1-24, AD Ports completed the acquisition of APM Terminals Castellon in Spain, Sesé Auto Logistics in Europe, Karachi Gateway Terminal Multipurpose Limited (KGTML) in Pakistan, and Dubai Technologies as well as GFS in the UAE.

Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said: “Guided by the vision of our wise leadership, the group is well structured and has built solid foundations to support the ongoing diversification of its port-centric logistics global footprint in light of the ongoing global geopolitical disruptions and polarisation.”

Martin Aarup, Group Chief Financial Officer of AD Ports, commented: “Our strong Q1-24 financial results reflect our prioritisation of synergistic and sustainable growth, coupled with revenue diversification and cost optimisation.”

In 2023, the net profits attributable to the owners of AD Ports declined by 13% YoY to AED 1.08 billion from AED 1.24 billion.