AD Ports Group reports revenue growth of 14% to Dhs3.9b in 2021

AD Ports Group on Thursday released its audited 2021 financial results for the 12 months ended Dec.31, 2021, following on from the announcement of its preliminary financial results in February 2022.

The Group reported revenue growth of 14 per cent year-on-year to Dhs3.9 billion in 2021, compared with Dhs3.4 billion in 2020, driven by volume growth, business diversification and new partnerships.

Earnings before interest, taxes, depreciation, and amortisation (Ebitda) increased to Dhs1.6 billion during 2021, up from Dhs1.5 billion in 2020.

Net Profit reached Dhs853 million in 2021, up from Dhs397 million in 2020.

As of Dec.31, 2021, the total assets of the group stood at Dhs28.1 billion, while the Equity increased to Dhs10.7 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 sqm 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 per cent stake in logistics firm Aramex (Aramex) and a 10 per cent stake in UAE-based contractor National Marine Dredging Company (NMDC). The combined market value of these stakes was approximately Dhs2.5 billion at the time of transfer.

In February 2022, AD Ports Group announced that it had acquired Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider. Additionally, in February 2022, the Group raised equity of Dhs4.0 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 Feb.8, 2022, under the ticker symbol “ADPORTS”.

Established in 2006, AD Ports Group today serves as the region’s premier facilitator of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange, AD Ports Group’s vertically integrated business approach has proven instrumental in driving the emirate’s economic development over the past decade.

Operating several clusters covering Ports, Economic Cities & Free Zones, Maritime, Logistics, and Digital, AD Ports Group’s portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within Kizad and ZonesCorp, the largest integrated trade, logistics, and industrial business grouping in the Middle East.

AD Ports Group is rated A+ by S&P and A+’ Affirmed – Outlook Stable by Fitch.

Abu Dhabi Ports Group, the operator of ports, industrial cities and free zones in Abu Dhabi has announced earlier that it has partnered with Metal Park Investment to establish an integrated metal hub at Kizad.

The 450,000-square-metre facility will cater to all industry verticals and offer flexibility of scale to metal vendors, processors and fabricators in the Emirates.

“The Metal Park in Kizad will create an ecosystem that helps metal service providers grow their business and adapt to market trends and conditions quickly and effectively, so they can plan for the future without constraint, said Abdullah Al Hameli, head of economic cities and free zones cluster at AD Ports Group.

“The metal industry provides crucial commodities for the development of buildings, automobiles, appliances and toolmaking, making it an essential sector for the UAE’s continued growth and prosperity,” Mr Al Hameli said.