AD Ports reports $3 billion revenue in 2023

AD Ports Group reports 11.7 billion revenue in 2023

AD Ports Group (AD Ports) has reported its preliminary financial results for the 12 months, reporting a year-on-year (YoY) 112 per cent increase to AED 11.68 billion ($3 billion).

Additionally, AD ports revealed a 58 per cent YoY increase to AED 8.71 billion ($2.37 billion) on a like-for-like (LFL) basis.

In the last quarter of 2023, the Group’s revenue soared by 105 per cent YoY to AED 3.57 billion ($971 million), a 41 per cent increase to AED 2.45 billion ($667 million) on a LFL basis. 

Operationally, the Ports Cluster saw container throughput grow to 4.91 million TEU in 2023, a 13 per cent increase YoY (7 per cent rise YoY to 1.25 million TEU in Q4 2023), driven by higher overall utilisation of 54 per cent in 2023 compared to 51 per cent in 2022, and 58 per cent versus 55 per cent at Khalifa Port specifically.

According to AD Ports, container volumes grew 5 per cent YoY on an LFL basis. General cargo volumes rose by 26 per cent YoY to reach 40.0 million tonnes in 2023, compared with 31.7 million tonnes in 2022 (13 per cent YoY on an LFL basis). 

READ: AD Ports achieves threefold revenue growth to $1.15 billion

RoRo volumes jumped almost fourfold YoY to 777,000 vehicles, capturing six months of Noatum’s volumes (48 per cent YoY on an LFL basis).

In 2023, the Economic Cities & Free Zones (EC&FZ) Cluster signed 5.0 square kilometres of gross new leases, with 2.9 square kilometres net.

Occupancy at KEZAD Communities increased to 60 per cent, up from 43 per cent at the end of 2022, and gas demand remained high, with volumes up 12 per cent YoY.

READ: AD Ports, CMA CGM, Ecocean conserve marine biodiversity at Khalifa Port

In the Maritime & Shipping Cluster, all operational indicators showed significant increase in 2023.

AD Ports also reported that its total vessel fleet increased to 226 from 178 in 2022, adding capacity across all shipping segments (container, dry & liquid bulk, offshore & subsea, RoRo, and multipurpose).

Additionally, feedering container port calls climbed by 34 per cent YoY; feedering container volumes surged by 70 per cent year on year to 525,000 TEU; and maritime services activities (vessel calls, towing services, pilot services) all grew by double digits.

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

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