AD Ports Group Revenue Reach $1.32 Billion in Q2 2025

AD Ports Group, a global enabler of integrated trade, transport, industry, and logistics solutions, on Wednesday said that its revenue surged 15% y-o-y to $1.32 billion in Q2 2025, driven by the ports, economic cities & free zones, and maritime & shipping clusters.

The quarterly Group EBITDA increased 9% y-o-y to $320 million, with Group EBITDA margin standing at 24.2% in Q2 2025, the company said in a regulatory filing with Abu Dhabi Securities Exchange (ADX) this morning.

Profit Before Tax reached $141.3 million, up 5% y-o-y, primarily due to the effect of higher depreciation and amortisation charges and finance costs while total net profit was relatively flat at $121.15 million because of higher Income tax.

With marginal increase in net debt and continued strong liquidity position, net debt/EBITDA has been relatively stable for the past three quarters at 4.1x, but improved significantly y-o-y from 4.9x in Q2 2024.

Capex in Q2 2025 reached $252.66 million, with majority of cash outlays going into maritime & shipping, economic cities & free zones, and ports assets. Capex intensity continued to decline, reaching 19% of Group revenue in Q2 2025 as against 28% in Q2 2024.

Given the strong operating profit performance and with a cash conversion of 97% for the quarter, operating cash flow reached $310 million in Q2 2025, almost doubling from the same period a year earlier. As a result, free cash flow to the firm (FCFF) was positive for the quarter and year-to-date, AD Ports said.

As supply chains continued to recalibrate, the Group’s integrated five-cluster ecosystem, anchored by a robust asset base and end-to-end service capabilities, continued to demonstrate both resilience and adaptability in volatile and disruptive times.

This has enabled the Group to respond swiftly to shifting cargo flows and to capitalise on new trade opportunities across our strategic focus regions: the Middle East, Red Sea, Europe, Africa, Indian Subcontinent, Central Asia, and Southeast Asia.

While the Red Sea situation continues to pose a risk to global trade, the Group has been able to mitigate adverse impacts and, in fact, has capitalised on increased demand for both reliable passage through the Red Sea and alternative trade routes.

Recent commercial progress in markets like Egypt and Central Asia shows the Group’s commitment to investing along existing and emerging trade routes. In parallel, ongoing policy shifts such as new US tariffs have added further complexity to global trade flows. The potential impact of US tariffs remains under close watch, though current announcements have not resulted in material effects as disclosed in the strong set of operational performance delivered year-to-date.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports said that the holistic core of the company’s five-cluster business model delivered sustainable growth for its shareholders once again in a challenging macroeconomic and geopolitical environment.

Operations in Central Asia

In Central Asia, AD Ports started operations at Tbilisi Intermodal Hub in Georgia, which serves as a key multimodal logistics hub for the Group in that region.

The company also announced the commencement of the Central Asian logistics JV Gulf Link, 51% percent owned by AD Ports Group, and 49% by KTZ Express, a multimodal transport and logistics subsidiary of Kazakhstan Railways.

Through Gulf Link, AD Ports Group and KTZ Express are offering connectivity through Central Asia, and globally, through Pakistan, Turkiye, the Arabian Gulf, and the Indian subcontinent.

It also expanded the Group’s presence in Kazakhstan, by signing preliminary agreements to develop a Multipurpose Terminal at Kuryk Seaport on the Caspian Sea and to expand the current oil tanker fleet as well as commission up to four new shallow-draft container ships designed for use in the Caspian Sea.