AD Ports Group reports $495mln in Q1 revenue

AD Ports Group reports $495mln in Q1 revenue

ABU DHABI: AD Ports Group today said its revenue grew 73% YoY to AED1,817 million in Q1 2023.

In a statement, the Group said the growth is driven by the robust performance of its Maritime, Economic Cities & Free Zones, and Ports Clusters as well as the acquisitions made in 2022 and Q1 2023 – Transmar & TCI in Egypt as well as Divetech, ASCL, SAFEEN Subsea, and Al Eskan Al Jamae (EAJ) in Abu Dhabi.

EBITDA increased 33% YoY to AED 699 million in Q1 2023 driven by the Maritime and Ports Clusters as well as acquisitions, implying an EBITDA margin of 38.5% for the quarter, in line with the short-term guidance of 35-40% communicated to the market.

Total Net Profit soared 18% YoY to AED 363 million in Q1 2023.

The Maritime Cluster reported revenue growth of 259% YoY to AED 915 million in Q1 2023, on a combination of capacity increases, wider service offerings and increased activity in new business segments. Contribution from new acquisitions - Divetech, ASCL, Safeen Subsea and Transmar - accounted for 30% of total Q1 2023 Maritime Cluster revenue. Key business segments driving growth in the Maritime Cluster were marine, feeder (container and bulk), and offshore services.

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