AD Ports Group on Wednesday reported a record third-quarter net profit of Dh975 million, up 64 per cent year on year, as double-digit growth across all four of its business clusters helped it weather disruption to shipping through the Strait of Hormuz.
Revenue rose 48 per cent to Dh7.99 billion in the three months to September 2026. Earnings before interest, tax, depreciation and amortisation (Ebitda) grew 63 per cent to Dh1.97 billion, with the margin improving to 24.6 per cent from 22.3 per cent a year earlier.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Dr Afif Saif Al Yafei, group CEO of AD Ports, described the period as “one of the most challenging” in the company’s 20-year history. He credited the results to its operational resilience and its end-to-end customer solutions.
Free cash flow to the firm was negative Dh691 million, reflecting the funding of the acquisition of Corredor Logística e Infraestrutura (CLI), Brazil’s leading independent agri-bulk port terminal operator. Excluding the deal, it would have been positive Dh1.17 billion.
Cash flow from operations reached Dh2.94 billion, roughly three times the level a year earlier, with cash conversion of 150 per cent. Net leverage improved to 3.5 times, from 4.4 times in the third quarter of 2025 and 3.7 times in the second quarter of 2026.
Net profit attributable to owners of the company rose 73 per cent to Dh767 million. Earnings per share were Dh0.16, up 72 per cent. For the first nine months, revenue climbed 41 per cent to Dh20.83 billion and total net profit rose 64 per cent to Dh2.46 billion.
Hormuz disruption hits UAE ports
The group said it had consolidated alternative multimodal trade routes across the UAE under the National Programme to Strengthen Supply Chain Resilience, limiting the impact of Strait of Hormuz disruption on customers and the wider GCC economy.
Measures in place since March include rerouting cargo and feeder shipping services to Fujairah Terminals and Khor Fakkan Port on the Gulf of Oman, new land and air bridges, and additional warehousing and storage.
The disruption is still visible in the volume data. UAE container throughput fell 57 per cent year on year to 751,000 twenty-foot equivalent units (TEUs), though it rebounded more than 30 per cent from the previous quarter. UAE bulk and general cargo volumes dropped 54 per cent to 4.5 million tonnes, up 48 per cent quarter on quarter.
UAE container capacity utilisation stood at 29 per cent, up from 22 per cent in the second quarter, while international utilisation rose to 73 per cent from 61 per cent.
Maritime and Shipping was the largest contributor, generating 58 per cent of group revenue. Revenue jumped 56 per cent to Dh4.74 billion, while Ebitda more than doubled to Dh1.23 billion. Growth was driven by added capacity and higher rates in container feeder, Ro-Ro and tanker shipping. The bulk, multipurpose and Ro-Ro fleet reached 76 vessels, up from 48 a year earlier.
Logistics revenue rose 76 per cent to Dh1.96 billion, or 24 per cent of group revenue, and EBITDA climbed 246 per cent to Dh116 million. The gains more than offset a 36 per cent year-on-year fall in UAE polymer volumes, which rebounded 14 per cent from the previous quarter.
Ports revenue increased 12 per cent to Dh798 million and EBITDA rose 8 per cent to Dh388 million, a margin of 48.7 per cent.
Economic Cities and Free Zones revenue grew 15 per cent to Dh690 million, with Ebitda up 6 per cent to Dh398 million. The cluster added 1.2 sq km of net new industrial land leases in Kezad Abu Dhabi during the quarter, bringing net additions this year to 3.2 sq km.
Source: Khaleej Times