AD Ports sees fall in cargo volumes

AD Ports

AD Ports Group has witnessed a revenue growth of 15 per cent year-on-year to AED 1,047 million ($285 million) in Q1 2022 – while general cargo volumes dropped.

Adjusted EBITDA for the period increased by 34 per cent year-on-year to AED 524 million ($142.6 million) and net profit was up 41 per cent year-on-year to AED 306 million ($83 million).

Total assets and total equity reached AED 34.085 billion ($9.2 billion) and AED 17.770 billion ($4.8 billion), respectively, at the end of Q1 2022.

Consolidated capital expenditure during the period has reached AED 967 million ($263 million), with investments primarily in the expansion of the vessel fleet as well as enhancements to Khalifa Port South Quay, Khalifa Logistics Port, and new warehouses.

General cargo volumes decreased by 10 per cent year-on-year, while container volumes have enjoyed a 23 per cent lift – with Ro-Ro and cruise passenger volumes gradually recovering from the impact of the COVID-19 pandemic.

“We started 2022 with a strong performance that has delivered healthy returns for our stakeholders,” commented Captain Mohamed Juma Al Shamsi, Managing Director and Group CEO, AD Ports Group.

“Our integrated business model, built upon a firm foundation of long-term contracts and enhanced service offerings, continues to drive growth. We are resolute in our commitment to contribute to the UAE’s economic development.”

AD Ports has listed the acquisition of Divetech Marine Engineering Services among noteworthy investments that contributed to the quarterly success of the company.

With the acquisition of the UAE-based topside-subsea solutions provider, the group aims to extend the range of services offered by its maritime cluster.

Earlier last month, AD Ports issued its 2021 Annual Report with the Abu Dhabi Securities Exchange (ADX), registering record numbers in net profit and earnings per share.

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