AD Ports Group posts Dh2.79b 9-month revenue
Cargo volumes, business diversification and new partnerships drive grwoth
Abu Dhabi: AD Ports Group on Saturday reporting revenue growth of 22 per cent year-on-year to Dh2.79 billion ($760 million) compared with Dh2.29 billion in the same period last year.
EBITDA [earnings before interest, taxes, depreciation, and amortization] rose 7 per cent year-on-year to Dh1.16 billion during this period, up from Dh1.08billion during the same period in 2020, with growth across most of the business clusters.
General cargo volumes rose to 37 million metric tonnes in year-to-date September 2021, up from 22 million metric tonnes in the same period in 2020 while industrial zones leased about 2.7 million sq. metres of land in this period, reflecting the wider global recovery from the impact of the COVID-19 pandemic, although some supply chain issues remain.
Container throughput grew to 2.47 million TEUs [twenty-foot equivalent units] in the first nine months of 2021, up from 2.42 million TEUs in the same period in 2020, despite the ongoing supply constraints faced in the global shipping and container market.
“We reported solid results for the nine months ended September 30, 2021, due to continuing growth in our core businesses and incremental returns from new investments. We are well-positioned for sustained growth as the world economy recovers from the impact of the global pandemic and as we take an active role in helping to resolve global supply chain issues. Our commitment to contribute to Abu Dhabi’s and the UAE’s economic development is stronger than ever,” said Captain Mohamed Juma Al Shamsi, Group CEO, AD Ports Group.
Operational highlights from the period included the signing of a concession agreement with CMA CGM Group in July 2021 to establish a new terminal in Khalifa Port. AD Ports Group also signed a Heads of Terms agreement with Aqaba Development Corporation to build and operate a new cruise terminal at the Port of Aqaba, Jordan.
“We have maintained our focus on delivering stable returns, building on the firm foundation of our long-term contracts backed by a prudent investment strategy,” said Martin Aarup, Group Chief Financial Officer, AD Ports Group.