Dubai: AD Ports Group posted a record quarterly net profit of Dh975 million for the third quarter, up 64 per cent from a year earlier. Revenue rose 48 per cent to Dh7.99 billion, the Abu Dhabi company reported its financial results on November 11. Disruptions in the Strait of Hormuz continued to impact UAE ports operations during the period.
Profit and margins
EBITDA grew faster than sales. It climbed 63 per cent to Dh1.97 billion, lifting the margin to 24.6 per cent from 22.3 per cent. Profit before tax rose 81 per cent to Dh1.08 billion. Owners’ share of net profit climbed 73 per cent to Dh767 million. Revenue for the first nine months increased 41 per cent to Dh20.83 billion. Net profit grew 64 per cent to Dh2.46 billion.
Response to Hormuz disruption
Management leaned on the national programme to strengthen supply chain resilience. Since March, the group has rerouted cargo and feeder services to Fujairah Terminals and Khor Fakkan Port, both outside the Strait of Hormuz. It also deployed new land and air bridges and added warehousing.
Afif Saif Al Yafei, Group Chief Executive Officer, said that the double-digit, top-line growth came in “one of the most challenging periods in its 20-year history”.
