AD Ports Group reported its strongest quarterly net profit since going public in February 2022, supported by steady operating income, lower finance costs, and a tax reversal recorded in Q3 2025.
The company stated that revenue increased across the Ports, Economic Cities & Free Zones (EC&FZ), and Maritime & Shipping clusters, with the infrastructure businesses delivering double-digit revenue and EBITDA growth. The group also moved to simplify its structure by shifting its Digital cluster to a federated model, aligning digital services with its four operating clusters.
Management said the integrated structure aims to improve operational efficiency and support expansion efforts amid continuing volatility in global trade and shipping markets.
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Operational performance
Ports and EC&FZ remained central to the group's infrastructure-focused strategy. In Ports, Q3 2025 container throughput rose 20% year-on-year, and general cargo volumes increased 12%. CMA Terminals Khalifa Port, which began operations in early 2025, recorded quarterly utilisation of 87% and is close to reaching 1 million TEUs year-to-date.
In EC&FZ, 800,000 m² of new industrial land leases were signed during the quarter, bringing year-to-date leases to 2.4 km². Staff accommodation utilisation reached 85%, up from 64% in Q3 2024.
The Maritime & Shipping cluster reported a 31% year-on-year increase in container feeder volumes, reaching 900,000 TEUs. The bulk, multipurpose, and Ro-Ro fleet expanded from 29 vessels in Q3 2024 to 43 in 2025, largely due to increased capacity requirements for the UGR joint venture. The marine services fleet grew from 66 to 76 vessels over the same period.
Financial performance
Group revenue rose 16% year-on-year to AED 5.39 billion in Q3 2025. EBITDA held at AED 1.20 billion, with an EBITDA margin of 22.3%. Profit before tax increased 17% to AED 595 million following an 18% decline in finance costs and an impairment reversal. Net profit reached AED 596 million, up 34% year-on-year, supported by a tax reversal linked to UAE corporate tax filings for 2024.
Earnings per share rose 52% to AED 0.09. Net-debt-to-EBITDA improved from 4.6x in Q3 2024 to 4.4x, though it increased from 4.1x in Q2 2025 due to higher quarterly capital expenditure.
Net CapEx reached AED 1.69 billion, mostly directed toward vessel acquisitions for the Maritime & Shipping cluster. CapEx intensity stood at 31% of group revenue. Operating cash flow totalled AED 735 million but was affected by increased working capital requirements and the first UAE tax payment (for FY 2024). Combined with higher CapEx, free cash flow was negative for the quarter.
Sustainability initiatives
Across Ports and Maritime & Shipping, the group reported ongoing work toward its Net Zero 2050 strategy, including solar PV deployment, electric tugs, LNG-powered vessels, and the use of artificial-intelligence-based route optimisation and fuel-monitoring systems.
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© AD Ports GroupFor more information:
AD Ports Group
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Email: [email protected]
www.adportsgroup.com
