The UAE's AD Ports Group has reported a net profit attributable to the owners of the company of AED 314 million ($85.5 million) in Q1 2024, 5% lower year-on-year (YoY)

The net profit was a shade below analysts’ mean estimate of AED315.33 million, according to LSEG data.

Revenue for the period came in at AED 3.89 billion, more than double the figure in the year-ago period, the Abu Dhabi Stock Exchange-listed AD Ports Group said in a regulatory filing on Tuesday.

AD Ports Group, which is backed by the UAE sovereign wealth fund ADQ, said it spent AED 1.27 billion on capital expenditure in Q1 as part of its organic capital investment plans of AED 12-15 billion between 2024 and 2028.

(Reporting by Brinda Darasha; editing by Seban Scaria)