UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 1Q25 - First Look Note
ADPORTS’s revenue increased 18.2% YOY to AED 4,597 Mn, while EBITDA grew 9.3% YOY to AED 1,136 Mn in 1Q25. ADPORTS's total debt grew from AED 17.8 Bn in 4Q24 to AED 18.0 Bn in 1Q25. Net debt to EBITDA marginally grew from 3.3x in 4Q24 to 3.4x in 1Q25.