BAKU, Azerbaijan, May 9. AD Ports Group reported strong financial results for the first quarter of 2025, with revenue reaching 4.60 billion AED ($1.25 billion) - an 18% year-on-year increase, Trend reports.
The growth was led by continued expansion across the company’s key business clusters: Ports, Economic Cities & Free Zones, and Maritime & Shipping, the company explained.
Group EBITDA rose by 9% year-on-year to 1.14 billion ($310 million), supported by gains of 17% in the Ports segment, 10% in Maritime & Shipping, and 7% in Economic Cities & Free Zones. The Group’s EBITDA margin for the quarter stood at 24.7%.
Net profit for the period climbed 16% to 464 million AED ($126.3 million), primarily due to improved operational performance. Earnings per share rose to 0.07 AED ($0.019), marking a 14% increase from the same quarter last year.
AD Ports Group maintained a stable financial position, with a slight increase in total debt and a net debt-to-EBITDA ratio of 3.4x as of the end of the quarter, compared to 3.3x at the end of 2024.
Capital expenditure totalled 954 million AED ($260 million) in Q1 2025, with the majority allocated to infrastructure investments in Economic Cities & Free Zones, Ports—including 182 million AED ($49.5 million) for new and renewed concessions—and Maritime & Shipping assets. CapEx intensity continued its downward trend, falling to 21% of group revenue compared to 33% a year earlier.
Operating cash flow came in at 725 million AED ($197.4 million), down from 781 million ($212.6 million) in Q1 2024, mainly due to timing-related working capital changes. As a result, free cash flow to the firm (FCFF) was slightly negative at -173 million ($47.1 million) for the quarter.
