AD Ports Group has reported strong financial and operational results for the first quarter of 2023, in continuation of full year 2022 strong delivery.
The Group’s revenue grew 73 per cent year-on-year to AED1.8 billion ($495 million) in Q1 2023, driven by the strong performance of its Maritime, Economic Cities & Free Zones, and Ports Clusters.
Revenues were also driven by the acquisitions made in 2022 and Q1 2023, including Transmar & TCI in Egypt as well as Divetech, ASCL, SAFEEN Subsea, and Al Eskan Al Jamae (EAJ) in Abu Dhabi.
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EBITDA increased 33 per cent year-on-year to AED699 million ($190 million) in Q1 2023.
For the same period, the Group’s total net profit soared 18 per cent year-on-year to AED363 million ($100 million) in Q1 2023.
The Maritime Cluster reported revenue growth of 259 per cent year-on-year to AED915 million ($250 million) in Q1 2023.
Contribution from new acquisitions including Divetech, ASCL, Safeen Subsea and Transmar accounted for 30 per cent of total Q1 2023 Maritime Cluster revenue.
The Economic Cities & Free Zones Cluster reported top-line growth of 13 per cent year-on-year to AED429 million ($117 million) in Q1 2023.
The Ports Cluster reported revenue growth of 24 per cent year-on-year to AED314 million ($85.6 million) in Q1 2023.
Ports Cluster container volumes grew 18 per cent year-on-year in Q1 2023.
The Ports Cluster also achieved 32 per cent year-on-year growth in Ro-Ro volumes and 40 per cent year-on-year growth in general cargo volumes.
The Logistics Cluster contributed AED139 million ($38 million) to the Group’s revenue in Q1 2023, declining 3 per cent year-on-year.
READ: AD Ports Group delivers record-setting revenue figures for 2022
Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “I am thrilled to announce that our successful momentum from 2022 has carried through the first quarter of 2023, with strong financial and operational results.
“The Group’s performance across its five clusters demonstrates our strong business resilience with over 70 per cent of Q1 2023 revenue being long-term, sticky, and recurring business,” Shamisi added.
Early in the year, AD Ports Group signed key strategic agreements with Angolan organisations.
More recently, the Group signed a Head of Terms (HoT) with the Ministry of International Cooperation and Promotion of Public Private Partnership of the Republic of Congo, for a new multipurpose terminal in Pointe-Noire, Republic of Congo.