AD Ports FY21 revenue up 14% on volume growth, biz diversification

February 8, 2022: AD Ports Group reported a 14 percent increase in revenue to AED3.9 billion ($1.1 billion) for the full year 2021 on record cargo and container volumes, business diversification and new partnerships.

Net Profit more than doubled to AED845 million ($230 million) based on preliminary, unaudited financials.

"Cargo and container volumes handled reached record highs of 45 million metric tonnes and 3.4 million TEUs,respectively," an official statement said.

“These results demonstrate that AD Ports Group has consolidated our leadership position during a period where global trade and supply chains have experienced many challenges," says Falah Mohammed Al Ahbabi, chairman, AD Ports Group. "Buoyed by our culture of innovation and our key strategic partnerships with global companies, we continue to deliver robust results and maintain our positive momentum."

Total assets of the group stood at AED28.5 billion ($7.8 billion) while equity increased to AED10.7 billion ($2.9 billion) as of December 31, 2021. "These do not reflect recent events in 2022 that resulted in an increase in total assets and equity."

In January 2022, the Group received ownership stakes from ADQ in two listed companies comprising a 22.32 percent stake in logistics firm Aramex PJSC (Aramex) and a 10 percent stake in UAE-based contractor National Marine Dredging Company PJSC (NMDC).

"The combined market value of these stakes was approximately AED2.4 billion ($662 million) based on the closing price of Aramex and NMDC shares on February 7, 2022.

"Additionally, in February 2022, the Group raised equity of AED4 billion ($1.1 billion) through a pre-listing primary issuance."

AD Ports Group delivered strong growth in 2021, driven by excellent performance across our business, says Captain Mohamed Juma Al Shamsi, Group CEO, AD Ports Group. “Our ports and economic cities continue to deliver excellent returns while the expansion of our logistics services and growth in shipping also made a significant contribution.”

Operational highlights from 2021 include:

* signing a 35-year concession with CMA terminals to build a new container terminal in Khalifa Port with a total JV investment of AED565 million ($154 million)

* strategic collaboration agreement with Turkey’s sovereign wealth fund, Turkiye Varlik Fonu, to explore major investment opportunities within Turkey; and

* agreements with the Aqaba Development Corporation to support the development of tourism, logistics, transport, and digital infrastructure within Aqaba in the Hashemite Kingdom of Jordan.

The Group’s shares have been listed on the main market of the Abu Dhabi Securities Exchange (ADX), and will trade under the ticker symbol ADPORTS.

Source: logupdateafrica.com