AD Ports Group Q2 2022 net profit surged 59% YoY

AD Ports Group Q2 2022 net profit surged 59% YoY

Capex reached AED 1.6 billion, in line with the Group’s capital investment plans to spend more than AED 15 billion across all clusters over the 2022-26 period

Net leverage stood at 0.9x, leaving ample room for further organic and inorganic growth; USD 1 billion RCF remains unutilised

Container volumes grew by 30% YoY while Ro-Ro and cruise passenger volumes continued their healthy recovery post COVID-19 disruptions

Record 3.9 km2 of new land leases signed during H1 2022 - more than the annual land leases signed in each of 2021 and 2020

FTSE Emerging Markets Index inclusion in June 2022

Abu Dhabi, UAE: AD Ports Group today announced its financial results for the quarter ended 30 June 2022.

The Group’s revenue grew 35% YoY to AED 1,242 million in Q2 2022 (+25% YoY growth in H1 2022), achieving record results for H1 growth mainly driven by the Maritime and Economic Cities & Free Zones (EC&FZ) Clusters, and to a lesser extent by the Digital Cluster.

The Ports Cluster Q2 2022 revenue performance was hampered by an unfavourable base effect from the one-off sand supply contract that ran from March until October 2021. However, on a like-for-like (LFL) basis, the Ports Cluster revenue grew by 20% YoY in Q2