One of the key highlights of the period was the announcement of the acquisition of an 80% equity stake in Dubai-based Global Feeder Shipping. Image Credit: Supplied

AD Ports Group reported revenue of Dh1.466 billion in Q3 2022, 53 per cent up compared to the same period last year, it said on Monday.

For the January to September period, revenue stood at Dh3.755 billion, 35 per cent higher than the year-ago period.

Net profit soared 77 per cent year-on-year to reach Dh334 million in Q3, and was up 58 per cent to Dh941 million for the January-September period.

The earnings were driven by strong growth in the group’s maritime cluster and a robust performance of its Economic Cities & Free Zones cluster. Ports cluster revenue grew 18 per cent year-on-year, while container volumes grew 31 per cent year-on-year in Q3 (28 per cent for 9M 2022).

EBITDA increased 52 per cent year-on-year to Dh594 million in Q3 (42 per cent growth to Dh1.650 million for the first nine months of 2022).

Earnings per share increased 27 per cent year-on-year to 0.19 for the nine-month period.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “These remarkable results demonstrate the effectiveness and impact of our ambitious growth strategy, as we seek new opportunities even in challenging global market conditions.

“We have pursued joint ventures and acquisitions that have built supply chain density along major routes, accelerating trade and building resilience for customers around the world. These new ventures have played a key role in expanding our service offering, enabling us to support customers at every stage of their business journey, and delivering exponential growth in our maritime business in particular.”

One of the key highlights of the period was the announcement of the acquisition of an 80 per cent equity stake in Dubai-based Global Feeder Shipping (GFS), a global container shipping company, for Dh2.9 billion. GFS is the third largest feeder shipping business globally, with operated capacity of 72,500 TEUs, a total of 26 vessels, and 9,000 owned and 31,000 operated containers.

In September, AD Ports Group also completed the acquisition of a 70 per cent stake in International Associated Cargo Carrier (IACC) in Egypt, which fully owns Transmar and TCI, for an enterprise value of Dh514 million.