Abu Dhabi Ports Company (ADPORTS) Q4 2024 earnings summary

Executive summary

• Revenue grew to AED 17.3 billion in 2024, up from AED 11.7 billion in 2023, with net profit rising to AED 1.78 billion from AED 1.36 billion year-over-year.

• Major acquisitions included Delanord Investments, Sesé Auto Logistics, APM Terminals Castellón, and others, expanding logistics, maritime, and digital capabilities.

• The Board proposes re-appointing Deloitte & Touche as auditor and releases management and auditors from liability for 2024.

Financial highlights

• Adjusted EBITDA increased to AED 4.51 billion from AED 2.67 billion year-over-year.

• Gross profit rose to AED 4.94 billion (2023: AED 3.10 billion); basic and diluted EPS was AED 0.27 (2023: AED 0.21).

• Total assets reached AED 64.2 billion, equity attributable to owners was AED 22.9 billion, and total equity was AED 27.7 billion.

• Cash and cash equivalents at year-end were AED 2.75 billion, down from AED 3.27 billion.

Outlook and guidance

• Management expects continued operational growth, supported by recent acquisitions and expanded service offerings.

• No material impact anticipated from new IFRS standards or Pillar Two tax legislation.