AD Ports Group – which is recognised as a premier facilitator of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world – has revealed a whopping 115 percent jump in its net profits to $232.23 million (AED 853 million) in 2021, compared to $108 million (AED 397 million) in 2020.
The group’s audited 2021 financial results for the 12 month period ending 31 December, 2021, showcased reported revenue growth of 14 percent year-on-year to $1.06 billion (AED 3.9 billion), compared to $925.6 million (AED 3.4 billion) in 2020, driven by volume growth, business diversification, and new partnerships.
The group also reported a rise in its EBITDA from $408.38 million (AED 1.5 billion) in 2020 to $435.6 million (AED 1.6 billion) in 2021.
As of 31 December, 2021, the total assets of the Group stood at $7.65 billion (AED 28.1 billion), while the equity increased to $2.91 billion (AED 10.7 billion).
General cargo volumes reached record levels of 45 million metric tonnes in 2021, up from 30 million metric tonnes in 2020, while economic cities and free zones leased 3.0 million square metres of land during the period, reflecting the wider economic recovery from the impact of the Covid-19 pandemic.
Container throughput grew to 3.4 million TEUs (twenty-foot equivalent units) in 2021, up from 3.2 million TEUs in 2020, despite the ongoing supply chain constraints faced in the global shipping and container market.
In January 2022, ADQ transferred ownership in two listed companies to AD Ports Group comprising of 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 $680.64 million (AED 2.5 billion) at the time of transfer.
In February 2022, AD Ports Group acquired Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider. Additionally, in February 2022, the group raised equity of $1.08 billion (AED 4 billion) through a pre-listing primary issuance.
AD Ports Group credit rating of A+ was reaffirmed by S&P and Fitch post listing. The group’s shares began trading on the primary market of the Abu Dhabi Securities Exchange (ADX) on February 8, 2022, under the ticker symbol “ADPORTS”.
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