AD Ports Group, a major player in trade, transport, and logistics, has announced record-breaking revenue and profit for the third quarter of 2024. This growth is attributed to strong performance across all its core business segments, reports AD Ports.
Strong Performance
AED 4.66 billion in Q3 2024, +10% Year-on-Year (YoY), +60% normalized for vessel trading activities booked in Q3 2023. On a Like-For-Like (LFL) basis, adjusted for M&A effect & vessel trading activities, Q3 2024 revenue grew 28% YoY.
The all-time high quarterly revenue was driven by a strong performance across the board, from all Clusters: +24% YoY for Ports, +96% YoY for Maritime & Shipping (normalized for the vessel trading activities in Q3 2024), +16% YoY for Economic Cities and Free Zones, +48% YoY for Logistics, and +62% YoY for Digital.
40% of 9M 2024 revenue was long-term/sticky revenue (vs. 46% of H1 2024 revenue), primarily diluted by the strong container shipping business performance.
Headline revenue for the Maritime & Shipping Cluster declined 11% YoY in Q3 2024, but normalized for the vessel trading activities that took place in Q3 2023, it surged 96% YoY, driven by all key business segments (+148% YoY for Shipping, +85% YoY for Offshore & Subsea, and +23% for Marine Services). On an LFL basis, adjusted for the vessel trading revenue and inorganic effect of GFS, revenue growth remained strong at 21% YoY.
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Source: AD Ports
