Abu Dhabi Ports Company PJSC Full Year 2023 Earnings: Misses Expectations

Abu Dhabi Ports Company PJSC (ADX:ADPORTS) Full Year 2023 Results

Key Financial Results

• Revenue: د.إ11.7b (up 112% from FY 2022).
• Net income: د.إ1.07b (down 14% from FY 2022).
• Profit margin: 9.2% (down from 23% in FY 2022).
• EPS: د.إ0.21 (down from د.إ0.25 in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Abu Dhabi Ports Company PJSC Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 19%.

The primary driver behind last 12 months revenue was the Navy segment contributing a total revenue of د.إ6.29b (54% of total revenue). Notably, cost of sales worth د.إ8.57b amounted to 73% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to د.إ1.49b (73% of total expenses). Explore how ADPORTS's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Infrastructure industry in Asia.

Performance of the market in United Arab Emirates.

The company's shares are down 4.7% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 3 warning signs for Abu Dhabi Ports Company PJSC (1 shouldn't be ignored!) that you need to be mindful of.

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