By: AGBI

Abu Dhabi state ports business AD Ports Group reported around $1 billion in net profit in 2024, a 24 percent year-on-year increase, as revenue rose by nearly half to AED17 billion ($4.6 billion).

Total assets grew by 15 percent year on year to AED64 billion last year.

Group CEO Mohamed Juma Al Shamisi said the company entered 2025 with a strong momentum despite ongoing regional macroeconomic and geopolitical disruptions.

The company’s share price is down 2 percent this year to AED4.80, while it is still up around 50 percent since it listed on the Abu Dhabi stock exchange in February 2022.

AD Ports Group, whose majority shareholder is Abu Dhabi Developmental Holding Company (ADQ), Abu Dhabi’s $225 billion sovereign wealth fund, said capital expenditure) amounted to around AED4 billion, the third year in a row it has declined.

Capex stood at AED4.6 billion and AED5.6 billion in 2023 and 2022, respectively.

“There was no major acquisition announced,” the company said in its annual financial statement.

The focus remained on integrating previously announced acquisitions of Spain-headquartered Noatum and Dubai-based Global Feeder Shipping.

The company completed the acquisition of Noatum for AED2.5 billion in November 2024. In November 2022, it purchased an 80 percent stake in Global Feeder fo AED 2.9 billion.