1.78 billion dirhams net profits "Abu Dhabi Ports" In 2024
Abu Dhabi, February 14/ WAM/ Abu Dhabi Ports Group announced today, its primary financial results for the fourth quarter and the full year ending on December 31, 2024.
During the year 2024, the group achieved strong growth at the operational and financial levels, driven by inorganic growth rates mainly represented in the acquisitions of both Nawatom and GFS, promoting the public budget, low debt, enjoying strong financial liquidity, and improvement The great in the rates of cash flow, with the group achieving a positive, free cash flow during the third and fourth quarters of 2024.
The group’s revenues grew by 48% on an annual basis to reach 17.29 billion dirhams, driven by the contribution of integration and acquisitions, and the registration of dual -number organic growth along the five sectors within the group’s business portfolio.
The group recorded a growth in its profits before deduction of benefits, taxes, depreciation and consumption by 69% on an annual basis to reach 4.51 billion dirhams, which was reflected on the sidelines of its profits before deduction of interest, taxes, depreciation and consumption by 26.1%, compared to 22.8% in 2023, and at an average of +330 points An annual basis.
Strong operational results were achieved thanks to the performance of the maritime sector, shipping, the port sector and the logistical sector, and profits increased before tax deduction and minority rights by 45% on an annual basis to reach 2.04 billion dirhams in 2024, while the total net net profit increased by 31% on the basis of Annual to reach 1.78 billion dirhams, which was reflected on the margins of net profits by 10.3%.
The Abu Dhabi Ports Group achieved a strong growth in its profits, despite the implementation of the corporate income tax by 9% in 2024 in the country.
The net profits of the company’s owners increased by 24% on an annual basis to 1.33 billion dirhams, driven by strong operational performance.
The group’s total assets increased by 15% on an annual basis to 63.70 billion dirhams in 2024, while the total property rights increased by 15% on an annual basis to 27.83 billion dirhams.
The significant growth in operating profits, along with the stability of debt levels, contributed to a decrease at a rate of 110 basis points in the net debt rate to profits before deduction of benefits, taxes, depreciation and consumption to 3.3 times as in December 2024, lower than 4.4 times in 2023.
The Abu Dhabi Ports Group also strengthened its position on liquidity through cash balances and its equivalent, which amounted to 2.83 billion dirhams at the end of 2024, driven by the growth of revenues and the enhancement of liquidity by re -financing credit facilities and expanding its banking customers.
Captain Mohamed Jumaa Al Shamsi, Managing Director and CEO – Abu Dhabi Ports Group, said that the group succeeded again in achieving annual record results in revenues and profits during the year 2024 with a focus on its main mission of empowering trade, as its achievements were not limited to adopting a flexible and balanced business strategy It contributed to the registration of standard revenues and profits despite the unfavorable geopolitical conditions in some regions, but also succeeded in completing the integration and acquisitions recently concluded, achieving a new level of efficiency and consolidating its international position and the maximum financial synergy than unifying the captured companies.
Al -Shamsi added that it was a guidance with the visions and directives World Trade and the efforts to enhance the economic diversity of the UAE, and support the growth of a green and sustainable economy.
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