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March 25, 2022

AD Ports reports 14% increase in revenue in 2021

The company’s net profit grew from $197m in 2020 to $232m in 2021.

Abu Dhabi-based AD Ports Group has reported a 14% rise in revenue to $1.06bn (AED3.9bn) in 2021, compared with $950m (AED3.4bn) in 2020, due to volume growth, business diversification and new partnerships.

For the 12 months that ended 31 December 2021, the company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to $435m (AED1.6bn), as against $408m (AED1.5bn) in 2020.

AD Ports reported a net profit of $232m (AED853m) in 2021, an increase from $197m (AED397m) in 2020.

The company achieved general cargo volumes of 45 million metric tonnes in 2021, compared with 30 million metric tonnes in the previous year.

It also leased three million square metres of land in economic cities and free zones during the same period.

Compared to 3.2 million twenty-foot equivalent units (TEUs) in 2020, the company’s container throughput increased to 3.4 million TEUs in 2021.

In January, AD Ports bought a 22.32% stake in logistics firm Aramex PJSC and a 10% interest in UAE-based contractor National Marine Dredging Company PJSC (NMDC) from ADQ.

At the time of transfer, the combined market value of these interests was around $680m (AED2.5bn).

Last month, the company also purchased another UAE-based topside-subsea solutions provider, Divetech Marine Engineering Services.

During the same month, the shares of AD Ports began trading on the Abu Dhabi Securities Exchange (ADX) primary market.

It also raised capital of $1.1bn (AED4bn) through pre-listing primary issuance.

AD Ports is planning to use the funds to execute its organic and inorganic growth strategies.

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