AD Ports Group Q1-2022 revenues shoot past Dh1b
Net profits for the period records 41% spike to Dh306m
Dubai: The AD Ports Group, fresh from its IPO and ADX listing, churned out Dh1.94 billion in first quarter 2022 revenues, from Dh910 million a year ago, with all of its key clusters contributing. The entity, owned by Abu Dhabi Government, made gains from key clusters as well as early inflows from ‘new partnerships and business lines’.
All of this was enough for a 41 per cent spike in net profit to Dh306 million. There was also a one-off gain in the EBITDA numbers, by Dh73 million from sale of a warehouse to a ‘strategic customer’. The EBITDA (earnings before interest, tax, depreciation and amortization) was boosted by 34 per cent to Dh524 million (Q1-2021 tally being Dh393 million).
Mohamed Juma Al Shamsi, Managing Director and Group CEO, AD Ports Group, said: “The Group’s core businesses are rebounding from the supply chain disruptions of the recent period, while our dynamic new ventures are yielding positive results. Our integrated business model, built upon a firm foundation of long-term contracts and enhanced service offerings, continues to drive growth.”
Regional ambitions
Just recently, AD Ports Group signed long-term contracts to build and manage ports in Egypt, including at strategic locations. These will feed the company with sustained longer term revenues. There are other deals signed in Jordan and Iraq.
Asset base
Total assets and equity reached Dh34.085 billion and Dh17.770 billion at the end of Q1-2022. Consolidated capital expenditure during the period was Dh967 million, with investments in the expansion of the vessel fleet as well as upgrades to Khalifa Port South Quay, Khalifa Logistics Port, and new warehouses.
AD Ports Group signed a 'record' 3.2 square kilometre of new land leases during the period, 'more than the annual land leases signed in either 2021 or 2020.' New agreements included collaborations with Ghassan Aboud Group to develop the 'Regional Food Hub - Abu Dhabi, in collaboration with Rungis,’ one of the region’s largest multi-category wholesale food trading and logistics hubs; and 'The Regional Auto Hub - Abu Dhabi’ for automotive import, export and distribution.
Container numbers
AD Ports' container volumes grew 23 percent year-on-year, with Ro-Ro and cruise passenger volumes in a 'healthy rebound'. General cargo volumes decreased by 10 per cent year-on-year when adjusted for one-off temporary projects, mainly due to change in the planned completion of certain external projects affecting volumes.
AD Ports Group Reports Record Net Profit of AED 306 Million for Q1 2022 – Up 41 Percent Year-on-Year
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