Abu Dhabi-based port operator AD Ports Group recorded a 10% y-o-y increase in net income to AED 400.0 mn in 1Q 2024, according to an earnings release (pdf). The company’s revenue more than doubled to AED 3.9 bn, marking a 22% y-o-y increase after adjusting for the impact of M&A.

Behind the numbers: Revenues from the group’s Ports Clusters rose 80% y-o-y to AED 565 mn, which AD Ports attributed to growth in port leases, general cargo handling, and Ro-Ro handling. The maritime & shipping division’s revenue rose 92% y-o-y to AED 1.76 bn, making it the largest contributor of revenue and EBITDA, according to the release. Meanwhile, the logistics segment's revenue rose seven-fold to AED 1.08 bn, boosted by recent acquisitions and a new logistics JV in Uzbekistan.

Recent acquisitions are paying off: Strategic acquisitions, including Noatum Logistics, Sesé Auto Logistics, and the Global Feeder Shipping in late January, all contributed to higher revenues during the quarter.

Looking ahead: “Going forward, we plan to commercialize and drive up utilization of existing and upcoming assets, maximizing their value, while we focus on consolidating our position in Abu Dhabi across all clusters, as foreign direct investments in the UAE continue to soar, Group Chief Strategy and Growth Officer Ross Thompson said.

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