Abu Dhabi Ports Company (ADPORTS) Q2 2024 earnings summary

Executive summary

• Q2 2024 EBITDA rose 56% YoY to AED 1.07 billion, with total net profit up 42% to AED 439 million; net profit attributable to owners grew 16% YoY to AED 333 million.

• Revenue more than doubled YoY to AED 4.18 billion, driven by organic growth in Ports, Logistics, and Digital clusters, and major acquisitions including Noatum and GFS.

• H1 2024 revenue reached AED 8.07 billion (+108% YoY), with EBITDA at AED 2.11 billion (+52% YoY) and net profit at AED 839 million (+25% YoY).

• Strong international expansion and accretive acquisitions supported record revenue and earnings growth, with a focus on value-enhancing internationalisation.

Financial highlights

• Q2 2024 revenue reached AED 4.18 billion, up 103% YoY; H1 2024 revenue at AED 8.07 billion, up 108% YoY.

• EBITDA margin declined to 25.6% in Q2 2024 from 33.3% in Q2 2023.

• Reported EPS increased 16% YoY to AED 0.07 in Q2 2024.

• Total assets grew 24% YoY to AED 61.4 billion; total equity increased 21% YoY to AED 27.2 billion.

• Operating cash flow in Q2 2024 was AED 591 million; free cash flow remained negative due to heavy CapEx.

Outlook and guidance

• Supply chain disruptions from Red Sea situation and geopolitical tensions expected to persist through end of 2024, supporting demand and rates.

• Group remains on track for profitable internationalisation and economic diversification.

• Organic CapEx guidance maintained at AED 12–15 billion for 2024–2028, with annual guidance of AED 4–4.5 billion.