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More 2Q earnings have rolled in since yesterday from the UAE, Qatar, and Egypt as the earnings season (hopefully?) begins to wane…
AD PORTS-
Abu Dhabi-based port operator AD Ports recorded a 42% y-o-y increase in net income to AED 439 mn in 2Q 2024, according to an earnings release (pdf). The company’s revenues more than doubled to AED 4.18 bn during the same period.
On a six-month basis: AD Ports’ bottom line jumped 25% y-o-y to AED 839 mn in 1H 2024, while the firm’s revenues climbed 108% y-o-y to 8.07 bn during the same period.
Behind the numbers: Revenues from the group’s port clusters rose 13% y-o-y in 2Q 2024, driven by solid performance from the general cargo, container, and RoRo segments. The shipping segment recorded a 58% y-o-y increase of the cluster’s total revenues, while the offshore and subsea business grew 39% y-o-y on the back of recent acquisitions. The logistics segment saw a 753% y-o-y increase to AED 1 mn, while its EBITDA saw a 354% y-o-y surge to AED 96 mn.
Recent acquisitions are paying off: Strategic acquisitions, including Noatum Logistics, Sesé Auto Logistics, and the Global Feeder Shipping back in January contributed to higher revenues during the quarter. “Looking ahead to the remainder of 2024 and beyond, we are on course for the profitable internationalization of the group,” group CEO Mohamed Al Shamisi said.
MILAHA-
Qatar Navigation’s (Milaha) net income reached QAR 628 mn in 1H 2024, taking a dip from the QAR 648 recorded in the same period last year, according to a financial statement (pdf). The firm’s topline came in at QAR 1.43 bn in 1H, falling slightly below the QAR 1.51 bn recorded in the same period in 2023.
A closer look: Milaha Maritime and Logistics’ bottom line dropped by QAR 33 mn, as general volume and rate pressure across the industry was not out-balanced despite a growth in its shipyard project income, according to a press release. The offshore branch’s bottomline dropped by QAR 25 mn y-o-y in 1H, which the firm attributes to scheduled and unscheduled vessel maintenance which took a toll on its topline.
Boosting connectivity in 1H: The Saudi Port Authority (Mawani) has partnered with Milaha on a new shipping service — Milaha Gulf Express 2 — to boost Saudi Arabia’s connectivity with Chinese and Indian ports. The firm also launched a new service linking Gulf Ports with China and India last month using three 3k TEU vessels on a 42-day rotation. The firm also added a new shipping service in May connecting China to the Arabian Gulf.
It doesn’t end there: Milaha inked a five-year agreement with Qatar Steel last month to provide logistics services at Mesaieed Industrial City to boost the import and export of Qatar Steel-manufactured products.
REMEMBER- Milaha saw its bottomline inch up 0.25% y-o-y to QAR 364.8 mn in 1Q 2024. The company recorded an operating revenue of QAR 747 mn during the period, down 2.51% y-o-y.
EGYTRANS-
Egypt-based transport and logistics company Egytrans saw a 346.2% y-o-y increase in its net income after tax to EGP 155.2 mn (USD 3 mn) in 2Q 2024, according to a financial statement (pdf). The company’s revenues surged 114.% y-o-y to EGP 384.5 mn during the same period.
Recent activity: Egytrans announced plans to purchase 99.9% of trucking outfit National Transport and Overseas Services Company (NOSCO) earlier this year in a bid to expand its fleet and operations. The logistics company also partnered with Saudi-based investment firm Links Investment last December to establish a joint logistics and transport company based in KSA, with an expected capital of SAR 10 mn and initial capital of SAR 500k.
Active in renewables: Egytrans has transported the supply chain for around 90% of the wind farms in Egypt, CEO Abir Leheta told Enterprise last February. The firm is looking to establish itself as a mother company by expanding its portfolio of services through its several subsidiaries, Leheta added.
