ADX-listed AD Ports Group anchors H1-2023 performance with Dh673m net profit, up 11%

ADX-listed AD Ports Group anchors H1-2023 performance with Dh673m net profit, up 11%

The financials show that the ADX listed firm is taking more debt, with the tally as of end June at Dh9.5 billion against Dh1.82 billion in H1-22. The debt figure was 'distorted by completion of the Noatum acquisition on 30 June 2023, which was fully funded through debt in Q2 but with P&L effect only from Q3 onwards', the company said. (Noatum is a leading global integrated logistics provider headquartered in Spain.)

The focus for now is going through with the major expansion plans - and gaining from recent acquisitions. “With a remarkable 66 per cent year-on-year revenue growth to Dh2.1 billion, we are successfully executing our diversification strategy and leveraging synergies from our recent acquisitions,” said Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO.

Going forward, the AD Ports Group revenue mix is ‘likely to be more balanced’ across four of its five Clusters. Noatum, the Spanish integrated logistics services provider that the UAE company bought, generated revenue and EBITDA of Dh5.69 billion and Dh433 million in the 12 months to June end, and ‘performing in line with expectations since the transaction was announced’.

Overall, “AD Ports Group's solid financial performance in Q2-23, evidenced by a 29 per cent y-o-y