AD Ports expects revenues of over $1 billion in 2021

AD Ports Group

The AD Ports Group has published its preliminary 2021 financial results, reporting revenues of AED 3.9 billion ($1.1 billion).

This shows a 14 per cent year-on-year revenue growth when compared with 2020’s financial figures which saw revenue reaching AED 3.4 billion ($933 million). According to the group, this success was driven by volume growth, business diversification and new partnerships.

EBITDA, on a reported basis, rose to AED 1.6 billion ($434 million) during the 12-month period, up from AED 1.5 billion ($422 million) in 2020.

Furthermore, net profit has surged to AED 845 million ($230 million) from AED 397 million ($108 million) in 2020.

Container throughput also grew to 3.4 million TEU in the year, increasing from 3.2 million TEU in 2020, despite ongoing supply constraints in the global shipping and container market.

Some of the company’s operational highlights from 2021 included the 35-year concession with CMA terminals to build a new container terminal in Khalifa Port with a total investment of AED 565 million ($154 million); the signing of a strategic collaboration agreement with Turkey’s sovereign wealth fund, Turkye Varlik Fonu, to explore major investment opportunities in Turkey; and a series of agreements with the Aqaba Development Corporation to support the development of logistics and digital infrastructure within Aqaba.

“These excellent results demonstrate that AD Ports Group has consolidated our leadership position during a period where global trade and supply chains have experienced many challenges,” said H.E. Falah Mohammed Al Ahbabi, Chairman of AD Ports Group.

“Buoyed by our culture of innovation and our key strategic partnerships with global companies, we continue to deliver robust results and maintain our positive momentum. These results were possible thanks to the direction of our wise leadership and for their unwavering support for our endeavours to drive the economic growth, diversification, and industrialisation of the UAE.”

In February 2022, the group raised equity of AED 4 billion ($1.1 billion) through a pre-listing primary issuance.

Captain Mohamed Juma Al Shamsi, Group CEO for the AD Ports Group, added: “AD Ports Groups delivered strong growth in 2021, driven by excellent performance across our business. Our Ports and Economic Cities continue to deliver excellent returns, while the expansion of our logistics services and growth in shipping also made a significant contribution.

“As we continue to build the knowledge and expertise required to take our business to the next level and utilise the AED 4 billion ($1.1 billion) in cash proceeds from the pre-listing issuance this month, we believe that the Group is well-positioned to accelerate its local and international expansion plans in 2022 and beyond with transformational impact across a broad range of industries.”

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