AD Ports Group has released its audited financial results for 2021, following on from the announcement of its preliminary figures last month.
The company saw its revenues reach AED 3.9 billion ($1.1 billion) last year, an increase of 14 per cent over 2020. This was primarily driven by volume growth, business diversification, and a collection of new partnerships.
EBITDA increased to AED 1.6 billion ($433 million) in 2021, up from AED 1.5 billion ($422 million) the previous year.
Net profit also surged to AED 853 million ($232 million), up from AED 397 million ($108 million), slightly more than initially predicted.
The group’s container throughput for the year rose to 3.4 million TEU in 2021, increasing from 3.2 million TEU in 2020.
Some of the company’s operational highlights from the last year include its acquisition of Divetech Marine Engineering Services.
The takeover was fully funded from AD Ports Group’s existing cash reserves. Divetech delivered revenue of AED 87 million ($23.7 million) and EBITDA of AED 20 million ($5.5 million) in 2021.
Additionally, in November the company signed a Memorandum of Understanding (MoU) with the Egyptian Group for Multipurpose Terminals and the Egyptian Ministry of Transportation to develop and operate a multipurpose terminal Safaga Port.
The MoU aimed to support the growth of the Middle East’s industrial and logistics sectors, as well as assist in operating new markets for Egyptian exports via direct maritime routes across the Arabian Gulf, East Asia, and Africa regions.
One further MoU saw the group partner with the General Company for Ports of Iraq to promote cooperation and investments.
According to a statement from the AD Ports Group, the collaboration oversees the management and operation of the Iraqi company’s ports, economic zones, and other infrastructure.