The financial statements of Vertiglobe revealed that the company's adjusted profits increased in the third quarter of this year by 64%, to reach the end of the period to 2.22 billion dirhams, driven by the increase in selling prices.
The adjusted net profit for Vertiglobe for the third quarter of this year amounted to about 1.07 billion dirhams, compared to 579.8 million dirhams for the same period last year, an increase of 84% year-on-year.
Vertiglobe also achieved quarterly revenues of AED 4.8 billion at the end of the third quarter of this year, an increase of 52% year-on-year.
Vertiglobe's revenue in the first nine months of 2021 increased by 87% to AED 14.56 billion, while adjusted EBITDA increased by 122%.
Vertiglobe's adjusted net profit for the first nine months of this year amounted to AED 4 billion, compared to AED 1.32 billion for the same period last year, an increase of 203% year-on-year.
In the third quarter of 2022, Vertiglobe generated free cash flow of $189 million, an increase of 237 percent compared to the same period last year, after accounting for minority equity cash flow of $368 million. Free cash flows for the first nine months of 2022 increased to $1,499 million, compared to $535 million during the same period in 2021.
