Posted on May 16, 2022
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).
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.
AD Ports Group Reports Record Net Profit of AED 306 Million for Q1 2022 – Up 41 Percent Year-on-Year
- Revenue increased by 15 percent year-on-year to AED 1,047 million
- Adjusted EBITDA increased by 34 percent year-on-year to AED 524 million
- Record 3.2 sq.km of new land leases signed during Q1 2022 – more than the annual land leases signed in either 2021 or 2020
- Container volumes grew by 23 percent year-on-year, with Ro-Ro and cruise passenger volumes showing healthy recovery post COVID-19 disruption
- Key financial highlights included first equity placement raising AED 4 billion for organic growth and acquisitions
