Abu Dhabi, UAE — AD Ports Group has reported a net profit of AED 1.78 billion ($484 million) for 2024, an increase of 31 percent YoY.
It said the profit before tax and minorities grew 45 percent YoY to AED2.04 billion in 2024, adding that the Group’s bottom-line performance was strong despite the introduction of corporate income tax of 9 percent in the UAE in 2024.
Net profit attributable to owners grew 24 percent YoY to AED1.33 billion led by strong operating performance.
In a statement, the Group said the year was characterized by solid organic growth operationally and financially, fueled by inorganic growth primarily coming from Noatum and GFS, a strengthened balance sheet with lower leverage and a stronger liquidity position, and significantly improved cash flow generation with the Group reaching positive Free Cash Flow to the Firm (FCFF) two quarters in a row in Q3 and Q4 2024.
Revenue increased 48 percent YoY to AED17.29 billion fueled by M&A contribution with healthy double-digit organic growth across the Group’s five business clusters ecosystem.
Total assets grew by 15 percent YoY to AED63.70 billion in 2024 while total equity increased 15 percent YoY to AED27.83 billion.
