Industry, Logistics & Shipping
AD Ports Group net profit hits $232m
AD Ports Group reported a revenue growth of 14% year-on-year to AED3.9 billion ($1.061 billion) in 2021, compared with AED3.4 billion in 2020, driven by volume growth, business diversification and new partnerships.
AD Ports Group reported a revenue growth of 14% year-on-year to AED3.9 billion ($1.061 billion) in 2021, compared with AED3.4 billion in 2020, driven by volume growth, business diversification and new partnerships.
The group’s EBITDA increased to AED1.6 billion during 2021, up from AED1.5 billion in 2020, according to the audited 2021 financial results for the 12 months ended December 31, 2021. The audited results follow on from the announcement of its preliminary financial results in February 2022.
Net Profit reached AED853 million ($232.23 million) in 2021, up from AED397 million in 2020.
As of December 31, 2021, the total assets of the group stood at AED28.1 billion, while the equity increased to AED10.7 billion.
Cargo columes reach record levels
General cargo volumes reached record levels of 45 million metric tonnes in 2021, up from 30 million metric tonnes in 2020, while economic cities and free zones leased 3 million sq m of land during the period, reflecting the wider economic recovery from the impact of the COVID-19 pandemic.
Container throughput grew to 3.4 million TEUs (twenty-foot equivalent units) in 2021, up from 3.2 million TEUs in 2020, despite the ongoing supply chain constraints faced in the global shipping and container market.
In January 2022, ADQ transferred ownership in two listed companies to AD Ports Group comprising a 22.32 percent stake in logistics firm Aramex and a 10 percent stake in UAE-based contractor National Marine Dredging Company (NMDC). The combined market value of these stakes was approximately AED2.5 billion at the time of transfer.
Key acquisitions
In February 2022, AD Ports Group announced that it had acquired Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider. Additionally, in February 2022, the Group raised equity of AED 4.0 billion through a pre-listing primary issuance.
AD Ports Group credit rating of A+ was reaffirmed by S&P and Fitch post listing.
The group’s shares began trading on the primary market of the Abu Dhabi Securities Exchange (ADX) on February 8, 2022, under the ticker symbol “ADPORTS”. – TradeArabia News Service