AD Ports’ 3Q net income jumps 64% to a record AED 975 mn as freight rates offset lower UAE port volumes

Higher freight rates and cargo rerouted around Hormuz lifted AD Ports Group’s 3Q net income 64% y-o-y to AED 975 mn, which the company calls a record quarter, according to its financials (pdf). The Group’s revenues climbed 48% to around AED 8 bn.

Shipping and logistics did the heavy lifting: Maritime and shipping revenue rose 56% to AED 4.74 bn on added capacity and higher rates across feeder, Ro-Ro, and tanker operations. Average feeder rates rose 73% y-o-y, while feeder volumes held flat at 900k TEUs. Logistics revenue rose 76% to AED 1.96 bn, driven largely by the UAE land bridge, and air freight forwarding revenue jumped 161%.

UAE port volumes are still less than half of last year’s: UAE container throughput fell 57% y-o-y to 751k TEUs, and bulk and general cargo fell 54% to 4.5 mn tons. Both rebounded from 2Q, with containers up more than 30% and bulk up 48%, as AD Ports moved cargo and feeder services to Fujairah Terminals and Khorfakkan Port, outside Hormuz. Ports cluster revenue still rose 12% to AED 798 mn, helped by higher UAE port leasing income and international container operations.

9M net income rose 64% to AED 2.5 bn. Revenue climbed 41% to AED 20.8 bn. Maritime and shipping led, up 52% to AED 11.7 bn. Economic cities and freezones rose 73% to AED 2.9 bn, and logistics 35% to AED 4.5 bn, while ports revenue fell 3% to AED 2.1 bn.

IN CONTEXT- The results build on 2Q net income growth of 88% y-o-y, when higher freight rates and AED 650 mn in warehouse sales helped offset a 65% decline in UAE container throughput. AD Ports has also been expanding its international footprint, completing its USD 835 mn acquisition of Brazilian agri-bulk terminal operator CLI on 1 October.

Fuel’s errand

Higher fuel prices and operating restrictions cut Jazeera Airways’ 3Q net income 47.4% y-o-y to KWD 7.1 mn, while revenue fell 10.6% to KWD 62.1 mn, according to its financial release (pdf). Excluding KWD 1.4 mn in pre-operating payroll for its in-house ground handling, licensed in October, net income would have fallen 37% to KWD 8.5 mn, the company said in a statement. Jazeera expects regional developments, fuel prices, and operating restrictions to keep weighing on results.

Fuel cost more while the airline flew less: Average fuel prices rose 55% to USD 139 a barrel from USD 90, pushing the fuel bill up 28% to KWD 19.3 mn despite 18% fewer block hours. Passengers fell 26.3% to 1.07 mn, and the load factor slipped to 74.9% from 78.0%. Limited airport operating hours until 20 September and the continued suspension of connecting traffic through Terminal 5 constrained the network.

Ancillary sales made up part of the gap: Ancillary revenue rose 83% y-o-y to KWD 17.4 mn in 3Q, while passenger revenue fell 26% to KWD 43.6 mn, by our math. Jazeera says ancillary revenue per passenger almost tripled to KWD 15.6, and its market share at Kuwait International Airport rose to 36.7% from 31%.

9M net income fell 32% despite higher revenue: Net income fell to KWD 15.7 mn over the nine months as revenue rose 3.7% to KWD 177.9 mn. The period included the 57-day closure of Kuwait International Airport, when Jazeera moved its base to Saudi Arabia.

Debt more than doubled this year. Term loans from local banks reached KWD 133 mn at the end of September, up from KWD 55 mn at the end of 2025, after Jazeera drew KWD 94 mn and repaid KWD 16 mn over the nine months.

Lease of life

A larger leasing portfolio and higher aircraft-sale gains lifted Dubai Aerospace Enterprise’s (DAE) 3Q net income 6.8% y-o-y to USD 135 mn, according to its financials (pdf). The rise followed a roughly 57% drop in 1H net income, by our math. Total revenue, including other income, rose 33.8% to USD 581 mn. Macquarie AirFinance (MAF), which DAE took over on 28 July, contributed USD 184.9 mn in revenue and USD 25.4 mn in net income through the end of September. Gains on aircraft disposals rose to USD 63.1 mn from USD 51 mn.

A bigger fleet brought bigger costs: Depreciation and amortization jumped 54.8% to USD 264.7 mn in 3Q, and finance expenses rose 35.5% to USD 189 mn. Together, those increases absorbed most of the quarter’s revenue gain, by our math.

Lower ins. recoveries cut 9M net income by 43%. Net income fell to USD 323.2 mn over the nine months, mainly because ins. recoveries dropped to USD 10 mn from USD 312.2 mn a year earlier. Total revenue rose 13.2% to USD 1.4 bn, with net lease revenue up 21.8% to USD 1.3 bn.

Engineering revenue halved: DAE’s engineering maintenance revenue fell 51% to USD 76.2 mn over the nine months. Customers couldn’t bring aircraft in for scheduled maintenance, and labor revenue fell because of the regional geopolitical situation, the company says.

DAE’s fleet has grown by almost half this year: It completed its takeover of MAF in July at an enterprise value of around USD 9 bn. Its owned, managed, and committed fleet reached 983 aircraft at the end of September, up from 678 at the end of 2025. That’s a 45% rise, by our math. MAF followed DAE’s USD 2 bn takeover of Nordic Aviation Capital in May 2025. DAE has also launched Equator with Blackstone Credit & Ins. in April, targeting around USD 1.6 bn in annual deployments. In July, it added Mustang Aerospace with Neuberger Specialty Finance, targeting c. USD 6 bn of aircraft-leasing investments over the medium term.

Paper losses

Unrealized investment losses and a higher tax bill cut Agility Global’s 3Q net income 30.2% y-o-y to USD 47.7 mn even as revenue rose 22% to USD 1.6 bn, according to its financial release (pdf). EBITDA slipped 3% to USD 208 mn, the company said in a press release.

Three items below the operating line turned against it. Agility booked a USD 3.9 mn unrealized loss on financial assets, against a USD 21.6 mn gain a year earlier. Its tax bill more than doubled to USD 24.4 mn from USD 11.7 mn, and finance costs rose to USD 68.7 mn from USD 62 mn.

Aviation and fuel logistics drove revenue: Menzies Aviation’s revenue rose 22% to USD 974 mn on new stations, and contract gains in ground handling, cargo, and fueling, plus its acquisition of G2 Secure Staff. Contract exits and station closures, including the end of its operations in Kuwait, partly offset that growth. Ground handling turns still rose 7%, and cargo volumes 13%. Tristar’s revenue rose 24% to USD 419 mn. Agility Logistics Parks’ revenue jumped 49% to USD 21 mn as new Saudi facilities began generating income and occupancy rose in Africa.

9M net income held roughly flat: Net income edged up 1.2% to USD 145.2 mn over the nine months, while revenue climbed 24% to USD 4.5 bn. Menzies revenue rose 29% to USD 2.7 bn, Tristar’s 18% to USD 1.2 bn, and Agility Logistics Parks’ 46% to USD 62 mn. The board approved a USD 75 mn interim dividend.

Tristar is on its way out: Agility agreed in October to sell its 65.12% stake in Tristar to India’s Aegis Logistics for up to USD 581 mn, valuing the business at USD 1.5 bn including debt. Agility will receive USD 425 mn on completion, USD 110 mn a year later, and up to USD 46 mn in contingent payments. The sale is expected to close by the end of March 2027, subject to regulatory approvals. The board will evaluate how to split the proceeds between growth investment, debt reduction, and shareholder returns.