Profits surge at AD Ports

AD Ports Group reported a notable 42% increase in net profits for the second quarter of 2024, reaching AED 439 million. This growth was supported by a more than doubling of revenues to AED 4.18 billion compared to the same period in 2023. The surge in performance was driven by strong organic growth in the Ports, Logistics, and Digital Clusters, along with strategic acquisitions of Noatum and GFS.

The Ports Cluster, particularly its general cargo, container, and ro-ro businesses, played a significant role in this success. Container throughput saw a 34% rise to 1.6 million TEU, with Khalifa Port handling the majority and increasing its utilisation rate to 71%. General cargo volumes grew by 46%, while ro-ro volumes experienced a dramatic increase of over 500%, reaching 385,000 vehicles.

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Despite the overall success, the cruise passenger segment faced challenges, with volumes dropping by 73% due to disruptions at the Aqaba Cruise Terminal. However, AD Ports Group remains optimistic about its international expansion strategy, which combines acquisitions with steady organic growth.