AD Ports Group announced its financial results for the year’s second quarter, seeing a 59 per cent surge in net profits.
Net profit growth accelerated to 59 per cent year-over-year (YoY), reaching AED300 million ($82 million) in Q2 2022, resulting in a 49 per cent YoY growth for the first half of 2022.
The Group’s revenue grew 35 per cent YoY to AED1.24 billion ($338.1 million) in Q2 2022 (a 25 per cent YoY surge H1 2022), achieving record results for H1 growth mainly driven by the Maritime and Economic Cities & Free Zones (EC&FZ) Clusters, and to a lesser extent by the Digital Cluster, AD Ports wrote in its statement.
Consolidated capital expenditure during Q2 2022 reached AED1.6 billion ($440 million) with the three main investments being the Maritime Cluster (vessel fleet expansion), the Ports Cluster (Khalifa Port expansion and Etihad Rail connectivity), and the Economic Cities & Free Zones Cluster (new warehouses, gas network expansion and infrastructure-related investments to unlock additional land).
Container volumes grew by 30 per cent YoY while Ro-Ro and cruise passenger volumes continued their healthy recovery post COVID-19 disruptions.
In June 2022, AD Ports Group reached an agreement with National Marine Dredging Company (NMDC) to launch a new JV, SAFEEN Surveys and Subsea Services.
In the same month, AD Ports Group announced its first international acquisition in Egypt with the purchase of a 70 per cent stake in International Associated Cargo Carrier (IACC), which fully owns Transmar International Shipping Company and Transcargo International (TCI).
In July 2022, AD Ports Group launched a joint venture with SEG, one of the largest oil and gas companies in Uzbekistan, to open new logistics and freight businesses and signed a Memorandum of Understanding to develop a food storage and distribution hub to enhance Uzbekistan’s food trade across global markets and drive Central Asian food security.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “The momentum of our growth journey has accelerated throughout the first half of the year, and we anticipate continuing to deliver on our performance for the remainder of the year.
“We are grateful to our wise leadership for their unwavering support towards our endeavours that seek to drive the economic growth, diversification, and industrialisation of the UAE.”