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  • UAE Flag
    FIRST LOOK NOTES
    13 Mar 2025
    Abu Dhabi Ports
    BUY
    AED 4.17
    AED 7.70
    +84.65%

    UAE Equity Research - Abu Dhabi Ports Company 4Q24 - First Look Note

    ADPORTS maintained a strong financial position with a net debt/EBITDA of 3.3x and a cash balance of AED 2.8 Bn in 4Q24. Spent AED 819 Mn in capex in 4Q24, which is mainly attributed to organic growth.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    20 Feb 2025
    Abu Dhabi Ports
    BUY
    AED 4.85
    AED 7.70
    +58.76%

    UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 4Q24 - Earnings Call Insight

    ADPORTS net revenue increased 27.9% YOY to AED 4,560 Mn in 4Q24 driven by robust organic double-digit growth across the EC&FZ, Ports, Maritime & Shipping, and Logistics Segments.
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  • UAE Flag
    FIRST LOOK NOTES
    25 Nov 2024
    Abu Dhabi Ports
    BUY
    AED 5.04
    AED 7.70
    +52.78%

    UAE Equity Research - Abu Dhabi Ports Co PJSC 3Q24 - First Look Note

    ADPORTS completed several major transactions in 3Q24, including the acquisition of a 60% stake in Tbilisi Dry Port to strengthen its presence in the Middle Trade Corridor and the acquisition of Safina to enter Egypt’s Maritime Market.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    14 Nov 2024
    Abu Dhabi Ports
    BUY
    AED 5.34
    AED 7.70
    +44.19%

    UAE Equity Research - Abu Dhabi Ports (ADPORTS) 3Q24 - Earnings Call Insight

    ADPORTS net revenue rose 10.0% YOY to AED 4,657 Mn in 3Q24, driven by significant growth in the Ports, Logistics, Economic cities and free zones (EC & FZ), and Digital cluster segment partially offset by a decline in the Maritime and Shipping segment revenue. Maritime Services revenue declined 10.8% YOY to AED 2,179 Mn in 3Q24 attributable to the positive one-off effect of vessel trading activities in 3Q23.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    Abu Dhabi Ports
    BUY
    AED 4.86
    AED 7.70
    +58.44%

    Healthy revenue growth supported by recent M&A deals drove profitability

    ADPORTS completed several major transactions in 2Q24, including acquiring an 81% stake in a JV to upgrade & operate Luanda Port and a 30% stake in TICTS to enter Tanzania.
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  • UAE Flag
    FIRST LOOK NOTES
    23 May 2024
    Abu Dhabi Ports
    BUY
    AED 5.14
    AED 7.70
    +49.81%

    Strong top-line growth supported by recent M&A deals

    AD Ports Group (ADPORTS /The Company) net profit declined from AED 331 Mn in 1Q23 to AED 314 Mn in 1Q24, higher than our estimate of AED 262 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    20 Mar 2024
    Abu Dhabi Ports
    BUY
    AED 5.57
    AED 7.70
    +38.24%

    Strong top-line growth supported by recent M&A deals

    ADPORTS total debt grew from AED 13,268 Mn in 3Q23 to AED 15,105 Mn in 4Q23. Net debt to EBITDA grew from 4.3x in 3Q23 to 4.4x in 4Q23.
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  • UAE Flag
    FIRST LOOK NOTES
    01 Dec 2023
    Abu Dhabi Ports
    BUY
    AED 6.21
    AED 7.70
    +23.99%

    Acquisition and healthy growth in ports fueled topline and profitability growth

    ADPORTS EBITDA grew strongly 27.9% YOY to AED 759 Mn in 3Q23 supported by the recent acquisition of Karachi Gateway Terminal and Noatum.
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  • UAE Flag
    FIRST LOOK NOTES
    02 Jun 2023
    Abu Dhabi Ports
    BUY
    AED 6.56
    AED 7.70
    +17.38%

    Robust revenue growth supported by recent acquisitions and new partnerships

    AD Ports Group (ADPORTS /The Company) net profit rose 8.5% YOY to AED 331 Mn in 1Q23, lower than our estimate of AED 360 Mn. The increase in net profit is primarily attributable due to strong revenue growth in the Maritime, EC&FZ and Port Cluster supported by the acquisitions completed in 2022 &1Q23.
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