Abu Dhabi, UAE – 14 February 2025: AD Ports Group (ADX: ADPORTS), an enabler of integrated trade, transport and logistics solutions, today announced its preliminary unaudited financial results for the fourth quarter and full year ending 31st December 2024.
The year was characterised by solid organic growth operationally and financially, fuelled by inorganic growth primarily coming from Noatum and GFS, a strengthened balance sheet with lower leverage and a stronger liquidity position, and significantly improved cash flow generation with the Group reaching positive Free Cash Flow to the Firm (FCFF) two quarters in a row in Q3 and Q4 2024.
• All five clusters reported healthy double-digit organic Revenue growth in 2024.
• EBITDA growth for the year was driven by the Maritime & Shipping, Ports, and Logistics Clusters.
• 110 bps reduction in Net Debt/EBITDA to 3.3x at the end of 2024 led by strong operating results, lower CapEx spend, and 87% cash conversion for the year.
• In Q4 2024, Total Debt dropped for the first time since listing.
• 2024 CapEx reached AED 4.1 billion, declining for the third consecutive year.
• AD Ports Group is re-balancing its capital allocation in the medium-term towards infrastructure assets in the Ports and EC&FZ Clusters.
• In 2024, there was no major acquisition announced. The focus was on securing ports assets and concessions and integrating previously announced strategic acquisitions, Noatum and GFS.
• FCFF positive on a quarterly basis for the second time in a row in Q4 2024.
Financial Performance Highlights for FY 2024
Revenue increased 48% YoY to AED 17.29 billion fuelled by M&A contribution with healthy double-digit organic growth across the Group's five business clusters ecosystem.
EBITDA recorded an impressive 69% YoY growth to AED 4.51 billion, implying an EBITDA margin of 26.1% (vs. 22.8% in 2023, +320 bps YoY). Strong operating performance was driven by the Maritime & Shipping, Ports, and Logistics Clusters
Profit Before Tax and Minorities grew 45% YoY to AED 2.04 billion in 2024, whereas Group Total Net Profit increased 31% YoY to AED 1.78 billion, implying a Net Profit margin of 10.3%. AD Ports Group's bottom-line performance was strong despite the introduction of corporate income tax of 9% in the UAE in 2024
Net Profit Attributable to Owners grew 24% YoY to AED 1.33 billion led by strong operating performance.
Balance Sheet: Total Assets grew by 15% YoY to AED 63.70 billion in 2024 while Total Equity increased 15% YoY to AED 27.83 billion. Significant growth in operating profits together with plateauing debt levels led to a 110bps reduction in Net Debt/EBITDA ratio to 3.3x as of December 2024, down from 4.4x in 2023. AD Ports Group strengthened its liquidity position with a cash & equivalents balance of AED 2.83 billion at end of 2024 driven by earnings growth and an additional liquidity booster through the refinancing and upsizing of its bank facilities.
Capital Expenditures: The Group's organic Capital Expenditures (CapEx) declined for the third consecutive year, reaching AED 4.1 billion in 2024, AED 605 million or 13% lower than in 2023.
Cash Flow Statement: AD Ports Group was Free Cash Flow positive on a quarterly basis for the second time in a row in Q4 2024 on the back of strong EBITDA growth, high cash conversion and lower capital spending. Annual Cash Flow from Operations grew almost three-fold to AED 3.91 billion in 2024, vs. AED 1.47 billion in 2023.
1) EBITDA is calculated by taking net profit and adding depreciation and amortization, finance costs, income tax expense, impairment of investment properties and subtracting government grants, fair value gain on pre-existing interest in a joint venture and finance income.
2) Based on the weighted average number of shares for the period.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, said:
"2024 marked another year of record revenue and earnings with the Group delivering on its primary mission to enable trade. Not only did we deploy an agile, effective business strategy that translated geopolitical uncertainty in some regions into record revenue and profit, but we also leveraged the integration of our recent acquisitions to attain a new level of efficiency, international significance, and to maximise the financial synergies from the consolidation of the acquired entities. Our Group, in line with the vision of our wise leadership, grew more global and became more cohesive and profitable as we expanded our reach to more than 50 countries on five continents, while continued making large investments in our core infrastructure in Abu Dhabi, positioning it at the forefront of global trade and advancing the UAE's economic diversification and the growth of a green, sustainable economy. AD Ports Group enters 2025 with strong momentum, despite ongoing regional macroeconomic and geopolitical disruptions, as we continue our expansion and extract further value from the synergies of our Group."
|
AED m
|
Q4 2023
|
Q3 2024
|
Q4 2024
|
YoY %
|
2023
|
2024
|
YoY %
|
|
Revenue
|
3,566
|
4,657
|
4,560
|
28%
|
11,679
|
17,286
|
48%
|
|
EBITDA 1)
|
524
|
1,212
|
1,188
|
127%
|
2,668
|
4,509
|
69%
|
|
EBITDA Margin %
|
14.7%
|
26.0%
|
26.0%
|
11.4%
|
22.8%
|
26.1%
|
3.2%
|
|
Profit Before Tax and Minorities
|
273
|
509
|
578
|
112%
|
1,411
|
2,042
|
45%
|
|
Total Net Profit
|
285
|
445
|
494
|
73%
|
1,360
|
1,778
|
31%
|
|
Net Profit: Owners of the Company
|
74
|
301
|
383
|
416%
|
1,072
|
1,330
|
24%
|
|
Non-Controlling Interests
|
211
|
145
|
111
|
-48%
|
288
|
448
|
55%
|
|
Reported EPS (AED) 2)
|
0.01
|
0.06
|
0.08
|
417%
|
0.21
|
0.26
|
24%
|
Key Business Developments in 2025
• Entered into a 51%-owned JV to develop a greenfield grain terminal at Kuryk Port in Kazakhstan.
• Started port and logistics operations at Luanda Port in Angola.
• Brought in CMA CGM Group with 49% ownership in the JV that will develop, manage and operate New East Mole multipurpose terminal at the port of Pointe Noire in the Republic of Congo, the 30-year extendable concession that AD Ports Group secured in June 2023.
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