AD Ports Group reports revenue growth of 22%

AD Ports Group

Abu Dhabi Ports Group (AD Ports Group) has recorded revenues reaching AED 2.791 billion ($760 million) through the first nine months of 2021, period ending 30 September 2021. This demonstrates a revenue growth of 22% compared to AED 2.295 billion ($625 million) during the same period in 2020.

In a statement from AD Ports Group, it stated that the revenue growth has been driven by volume growth, business diversification and new partnerships.

EBITDA also rose 7% year-on-year to AED 1.161 billion ($316 million) during the period, up from AED 1.081 billion ($295 million) during the same period in 2020, with growth across most of the business clusters.

Additionally, general cargo volumes rose to 37 million metric tonnes year-to-date, up from 22 million metric tonnes in the same period last year and container throughput grew to 2.47 million TEU, up from 2.42 million TEU during the first nine months of 2020, despite ongoing supply chain issues in the container market.

© Abu Dhabi Ports Group (AD Ports Group)

“We reported solid results for the nine months ended 30 September 2021, due to continuing growth in our core businesses and incremental returns from new investments,” said Captain Mohamed Juma Al Shamisi, Group CEO of AD Ports Group.

“We are well-positioned for sustained growth as the world economy recovers from the impact of the global pandemic and as we take an active role in helping to resolve global supply chain issues. Our commitment to contribute to Abu Dhabi’s and the UAE’s economic development is stronger than ever.”

Martin Aarup, Group Financial Officer for AD Ports Group, added “We have maintained our focus on delivering stable returns, building on the firm foundation of our long-term contracts backed by a prudent investment strategy. We are beginning to realise returns from our new investments, joint ventures, and partnerships across feedering, offshore and transshipment services as well as from our expansions of logistics services.

“Our invested capital increased to AED 23 billion ($6.3 billion) in the first nine months of 2021, up from AED 19.9 billion ($5.4 billion) in the same period in 2020, in line with our ongoing expansion programme.”

One of the operational highlights from AD Ports Group through this period included it signing a Memorandum of Understanding (MoU) with the General Company for Ports of Iraq (GCPI) to promote cooperation and investments.

Announced in September 2021, the collaboration oversees the management and operation of the Iraqi company’s ports, economic zones, and other infrastructure. Additionally, they will also focus on the exploration of potential investment opportunities.

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