AD Ports scores 41 per cent revenue increase in 2022

thumbnail_AD Ports Group _HQ

AD Ports Group has released its 2022 Integrated Annual Report with the Abu Dhabi Securities Exchange (ADX).

The Group reported record financial numbers with a 41 per cent year-on-year revenue growth to AED5.5 billion ($1.5 billion).

AD Ports recorded a total net profit of AED1.3 billion ($354 million) in 2022, a 51 per cent year-on-year increase from 2021.

The Group has contributed to 13 per cent of UAE’s non-oil GDP and 24 per cent of Abu Dhabi’s non-oil GDP in 2022, according to analytics company, Oxford Economics.

The Group has also empowered over 373,000 jobs in the UAE.

READ: AD Ports launches Ro-Ro shipping service to Kuwait via Khalifa

Throughout 2022, the company inked seven significant merger and acquisition transactions totalling AED5.9 billion ($1.6 billion). 

Among these, in September 2022, the Group completed the acquisition of a 70 per cent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International S.A.E. (TCI).

More recently in November 2022, AD Ports Group signed an agreement to acquire an 80 per cent equity stake in Dubai-based Global Feeder Shipping (GFS).

In the same month as the GFS acquisition, the Group purchased a 100 per cent stake in Spanish logistics firm, Noatum, for AED2.5 billion ($680.6 million).

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