AD Ports Group revenue up 73% at Dh1.82 billion in Q1 2023
Net profit soared 18 per cent to Dh363 million during the period
Abu Dhabi: AD Ports Group’s revenue grew 73 per cent to Dh1.82 billion in Q1 2023, compared to the year-ago period, the company said.
In a statement, the group said the growth was driven by the robust performance of the Maritime, Economic Cities & Free Zones, and Ports Clusters as well as the acquisitions made in 2022 and Q1 2023 - Transmar & TCI in Egypt as well as Divetech, ASCL, SAFEEN Subsea, and Al Eskan Al Jamae (EAJ) in Abu Dhabi.
EBITDA increased 33 per cent year-on-year to Dh699 million, while total net profit soared 18 per cent to Dh363 million.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Our investment in organic growth is bearing fruit, and the strategic M&A activity we undertook has provided a further boost to our growth. 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.”
Martin Aarup, Group Chief Financial Officer, said: “Our Q1 2023 financial results were robust with strong top-line growth and a stable, predictable revenue base. This solid performance combined with good visibility comes from our unique business model in our Ports and Economic Cities & Free Zones Clusters, coupled with long-term contracts, partners, and leases in the Maritime and Logistics Clusters.”
Revenue growth in individual sectors was as follows: maritime cluster revenue was up 259 per cent year-on-year to Dh915 million; the Economic Cities & Free Zones Cluster up 13 per cent to Dh429 million; Ports Cluster up 24 per cent to Dh314 million; Logistics Cluster down 3 per cent to Dh139 million; Digital Cluster added Dh101 million to the group’s top line in Q1 2023, relatively stable.
Ports Cluster container volumes grew 18 per cent in Q1 2023, driven by the gradual recovery from COVID-19 and supply chain disruptions as well as higher container utilisation rates (51 per cent in Q1 2023 vs. 43 per cent in Q1 2022) as partner shipping lines are gradually shifting their regional volumes to Khalifa Port in line with their contractual obligations.