UAE port operator the AD Ports Group has reported record net profit in Q3 2025, the highest since its 2022 public listing.
The net profit was the result of double-digit growth in quarterly general cargo volumes and container throughput, a surge in new industrial land leases, higher utilisation rates of its warehouses and staff accommodation facilities, a 31 per cent increase in container feeder shipping volumes, and continued strong Ro-Ro shipping volumes following the launch of its Ro-Ro shipping joint venture with Turkey's Erkport, UGR, earlier in the year.
Performance by segment
The AD Ports Group said it continued to build on its strong performance momentum in 2025, reinforcing its industry leading position.
The company said it underlying operational performance was strong across the ports, economic cities and free zones (EC&FZ), and maritime and shipping clusters. In ports, quarterly container throughput soared 20 per cent year on year, whilst general cargo volumes increased 12 per cent YOY.
CMA Terminals Khalifa Port, which started commercial operations at the beginning of 2025, was close to reaching one million TEUs year-to-date, with a quarterly utilisation of 87 per cent (70 per cent in the first nine months of 2025).
In EC&FZ, another 800,000 square metres of new land leases (net) were signed in Q3 2025, bringing the total new land leases year-to-date to 2.4 square kilometres, whilst utilisation in the staff accommodation business, the Sdeira Group, made another leap to 85 per cent versus 64 per cent in Q3 2024, and 80 per cent in Q2 2025.
In the maritime and shipping cluster, container feeder shipping volumes rose 31 per cent YOY to 900,000 TEUs, driven by increased services and capacity, whilst the bulk, multipurpose, and Ro-Ro shipping vessel fleet reached 43 as of Q3 2025, up from 29 at the same period a year earlier, mainly on capacity expansion for UGR.
The marine services vessel fleet also expanded, with 76 vessels as of Q3 2025, up from 66 in Q3 2024.
Double-digit profit growth, lower finance costs and positive impact from income tax
The AD Ports Group’s revenue increased 16 per cent YOY to AED5.39 billion (US$1.47 billion) in Q3 2025, driven by the maritime and shipping, ports, and EC&FZ clusters.
Gross operating profit remained stable at AED1.2 billion (US$330 million) in Q3 2025, implying a gross operating profit margin of 22.3 per cent. Quarterly operating profitability was impacted by the restructuring of the former digital cluster.
Profit before tax stood at AED595 million (US$162 million), up 17 per cent YOY, supported by an 18 per cent decline in finance costs coupled with a reversal of a previous impairment charge.
Total net profit grew by 34 per cent YOY to AED596 million (US$162.3 million) on the back of a tax reversal related to the UAE corporate tax filing for 2024.
Net capex in Q3 2025 reached AED1.69 billion (US$460 million), with the majority of cash outlays going into the maritime and shipping cluster for the acquisition of Ro-Ro, multipurpose, tanker, container, and marine services vessels.
The additional vessels were sourced to fulfil existing contracts and agreements and will contribute to the performance of the cluster going forward. As a result, capex intensity stood at 31 per cent of group revenue in Q3 2025.
Operating cash flow, which reached AED735 million (US$200 million) in Q3 2025, was impacted by an increase in working capital and the first tax payment in the UAE (for FY 2024). Together with the higher capex, it led to negative free cash flow to the firm.
