AD Ports Group has announced its annual financial results for 2022, reporting strong operational and financial performance, with a year-on-year revenue growth of 41 per cent to AED5.5 billion ($1.5 billion).
Total net profit increased by 53 per cent from 2021 having reached AED1.3 billion ($354 million) in 2022.
The AD Ports’ organic revenues grew by 23 per cent year-on-year, achieving AED4.8 billion ($1.3 billion).
Organic growth does not include profits or growth attributable to mergers and acquisitions, but rather includes an increase in sales and expansion through the company’s own internal resources.
AD Ports’ container throughput grew to 4.33 million TEU in 2022, a 28 per cent year-on-year increase.
The Group’s strong results were driven by the performance of its Maritime and Ports Clusters as well as acquisitions and new partnerships.
Among the key highlights of 2022 was AD Ports’ acquisition of Noatum, a logistics services provider with presence in 26 countries across five continents, for an enterprise value of €660 million ($708 million).
Another key highlight in 2022 was the acquisition announcement of an 80 per cent equity stake in Dubai-based Global Feeder Shipping (GFS), a global container shipping company, for an enterprise value of AED2.9 billion ($800 million).
This acquisition was set to position AD Ports Group as the largest pure feeder operator in the region and the third largest globally by container capacity, which will be close to 100,000 TEU.
In September 2022, AD Ports Group also completed the acquisition of a 70 per cent stake in the International Associated Cargo Carrier (IACC) in Egypt, a shipping and logistics investment company, for an Enterprise Value of AED514 million ($140 million).
In total, AD Ports inked seven merger and acquisition transactions in 2022 totalling a fee of AED5.9 billion ($1.6 billion), with GFS, Noatum, and Eskan Al Jamae yet to be completed.
Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “The Group’s remarkable financial and operational performance was driven by our maritime and ports clusters’ results, coupled with strategic investments, new joint ventures, partnerships and acquisitions that enabled us to expand our geographic footprint, our services and offerings as well as enhance our position as a major player in global trade and logistics.”