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AD PORTS GROUP-
Abu Dhabi-based port operator AD Ports Group recorded an 11% y-o-y jump to AED 445 mn in its bottom line in 3Q 2024, according to an earnings release (pdf). The firm’s top line came in at AED 4.7 bn, rising by some 10% y-o-y in 3Q. Net income attributable to owners of the company fell 21% y-o-y to AED 301 mn. The company also became cashflow positive for the first time on a quarterly basis.
Noteworthy numbers:
- Revenues from the group’s port clusters rose 24% y-o-y to AED 603 mn, driven by container concession fees in the UAE, a 42% increase in general cargo performance, and growth in international container operations;
- Maritime and shipping revenues dipped 11% y-o-y this quarter to AED 2.2 bn, but was buoyed by vessel trading activities, which increased 96% y-o-y;
- Logistics revenues jumped 48% y-o-y to AED 1.3 bn, driven by a 73% y-o-y growth in ocean freight, a 110% y-o-y increase in air freight, and a 46% y-o-y rise in warehousing;
- Economic cities and freezones saw a 16% y-o-y increase in revenues to AED 512 mn.
- Ro-ro volumes at Khalifa Port were up 53% y-o-y this quarter, supported by reroutes due to the ongoing Red Sea crisis.
On a 9M basis: AD ports logged a total net income of AED 1.2 bn, a 19.4% rise compared to the same period last year, while revenues came at AED 12.7 bn, marking a 56.9% y-o-y increase.
Making moves: The company made strategic acquisitions, including a majority stake in Tbilisi Dry Port and Safina, during the quarter.
Optimistic for the year ahead? “As 2024 comes to a close, there is reason for optimism. While geopolitical disruptions continue to affect visibility, seaborne trade volumes are still expected to grow 2.2% this year and 2.0% in 2025,” AD Ports Group CEO Mohamed Al Shamsi said. “The global economic situation has developed slightly better than expected this year, and the regional macro environment remains solid, supporting demand and rates for AD Ports Group.” Despite this, the outlook is for disruptions in the Red Sea to persist in the short term.
AGILITY-
ADX-listed Agility Global saw its net income attributable to shareholders rise to USD 37.1 mn in 3Q 2024, up from 803k in the same quarter last year, according to a financial statement (pdf). Revenues from contracts with customers increased 16% y-o-y to USD 1.2 bn. The company attributed its growth to the performance of its subsidiaries — including Dubai-based energy logistics provider Tristar, Menzies Aviation, and Agility Logistics Park — according to an earnings release.
ICYMI- Agility — which owns Dubai-based energy logistics firm Tristar — listed its operations and asset management unit, Agility Global, on the ADX in a technical listing in May.
The breakdown:
- Agility’s aviation subsidiary Menzies Aviation saw its topline grow 24% y-o-y to USD 704 mn in 3Q, driven by new operations, including new licenses in Spain, acquisitions in Portugal, expansions in Belgrade, and a new warehouse in Bangalore;
- The outfit’s fuel subsidiary Tristar saw a 23% y-o-y increase in revenues to USD 337.2 mn;
- Agility’s warehousing subsidiary Agility Logistics Parks saw revenues increase by 12% to USD 13.2 mn, which the firm attributes to its Saudi Arabia operations. The firm recently announced the establishment of an additional 100k sqm of warehousing space in Riyadh, set to be operational during 1Q 2025.
On a nine-month basis, the firm’s bottom line increased to USD 97.4 mn, up from USD 3.5 mn, while its revenues from contracts grew 13% y-o-y to USD 3.3 bn.
Agility Global’s board has authorized a USD 65 mn distribution as the second interim cash dividend for 3Q 2024. Shareholders recorded in the company’s registry by the settlement date of 21 November 2024 are eligible to receive the dividends.
