UAE Business: AD Ports revenue up 14% to $1.1bn; profit rises to $230m – Gulf Digital News

UAE Business: AD Ports revenue up 14% to $1.1bn; profit rises to $230m – Gulf Digital News

AD Ports Group today announced reported a revenue growth of 14% year-on-year to AED3.9 billion ($1.1 billion) in full year 2021, compared with AED3.4 billion ($933 million) in 2020, driven by volume growth, business diversification and new partnerships. 

Net profit increased to AED845 million ($230 million) in 2021 from AED397 million in 2020, the group said. 

EBITDA, on a reported basis, rose to AED1.6 billion during 2021, up from AED1.5 billion in 2020, according to its 2021 financial results based on preliminary, unaudited financials.

As of December 31, 2021, the total assets of the group stood at AED28.5 billion, while the equity increased to AED10.7 billion. These do not reflect recent events in 2022 that resulted in an increase in total assets and equity. 

In January 2022, the group received ownership stakes from ADQ in two listed companies comprising a 22.32 percent stake in logistics firm Aramex and a 10 percent stake in UAE-based contractor National Marine Dredging Company (NMDC). The combined market value of these stakes was approximately AED2.4 billion based on the closing price of Aramex and NMDC shares on February 7, 2022. 

Additionally, in February 2022, the group raised equity of AED4 billion ($1.1 billion)