Posted on February 19, 2024
AD Ports Group has reported outstanding operational and financial performance for the full year ending December 31, 2023. The Group’s revenue skyrocketed, more than doubling year-on-year (YoY) to AED 11.68 billion ($3.18 billion), marking a significant 112% increase, according to the company’s release.
Additionally, earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 23% year-on-year to $727 million in 2023, with a robust EBITDA margin of 22.8%.
EBITDA increased by 23% year-on-year to $727 million in 2023, with an EBITDA margin of 22.8%. Profit Before Tax reached $384 million in 2023, reflecting a 10% year-on-year increase. Total Net Profit amounted to $369 million in 2023, indicating a 6% year-on-year increase. Net Profit Attributable to Owners reached $298 million in 2023, despite a 13% year-on-year decrease, primarily due to extraordinary one-off items. The Group spent $1.24 billion on growth capital expenditure (CapEx) in 2023, as part of its organic capital investment plans.
Container throughput in ports reached 4.91 million Twenty-foot Equivalent Units (TEUs) in 2023, marking a 13% year-on-year growth. General cargo volumes rose by 26% year-on-year to reach 40.0 million tonnes in 2023. Ro-Ro volumes increased almost fourfold year-on-year to 777,000 vehicles. Economic Cities & Free Zones (EC&FZ) signed 5.0 sq km of gross new leases in 2023. The Maritime & Shipping Cluster recorded strong operational growth across all indicators in 2023.
After the 2023 fiscal year-end, AD Ports Group completed the acquisition of Global Feeder Shipping (GFS), positioning itself as the largest pure feeder operator in the region.
