AD Ports records 116 per cent revenue growth as 2023 closes

AD Ports records 116 per cent revenue growth as 2023 closes

AD Ports Group (AD Ports) has released its financial figures for the first nine months of 2023, having recorded a revenue growth of 116 per cent year-on-year (YoY).

In the first nine months of 2023, AD Ports achieved a revenue of AED8.11 billion ($2.2 billion).

EBITDA grew 30 per cent YoY to AED2.14 billion ($582.66 million) and net profit grew 14 per cent YoY to AED1.07 billion ($291.3 million).  

The year began with the inauguration of the Aqaba Cruise Terminal in Jordan and concluded with the signing of a definitive concession agreement with the Red Sea Ports Authority (RSPA) for the development and operation of a multi-purpose terminal at Safaga Sea Port.

Furthermore, 2023 saw AD Ports establish a number of strategic agreements and partnerships. As part of the Group’s Africa Strategy within emerging markets, the company signed a 30-year extendable concession agreement to manage and operate a multipurpose terminal in Congo’s Pointe Noire Port.

The year also saw AD Ports investing in future growth, including securing a $2 billion corporate facility with a syndicate of 13 banks in April 2023.

AD Ports also completed the acquisition of 100 per cent of Noatum, a global integrated logistics services provider.

Falah Mohammad Al Ahbabi, Chairman, AD Ports Group, said: “2023 was not just a year of growth and expansion for AD Ports Group; it was a year where the group forged to redefine the boundaries of the maritime and logistics industry.

“Our achievements are not merely a reflection of our strategy, but an example that traditional approaches no longer suffice in the fast-evolving global market.

“We have embraced change, not just to lead but to revolutionise the industry. As we forge ahead, aligned with our wise leaders’ vision, our commitment to sustainability, innovation, and global connectivity will continue to be the cornerstones of our journey.”

READ: AD Ports, Kazakhstan Railways form joint railway venture in Central Asia

Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said: “Our rapid expansion and diverse investments are vital steps towards charting a future where AD Ports Group is synonymous with global presence, innovation and resilience within the global trade and logistics landscape.” 

Last month, AD Ports and Abu Dhabi Future Energy Company PJSC – Masdar, a UAE renewable energy company, signed a Memorandum of Understanding (MoU) on the margins of the UN Climate Change Conference (COP28) in Dubai.

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