AD Ports Group delivers a record net profit in Q3 2022 with 77% growth YoY

AD Ports Group delivers a record net profit in Q3 2022 with 77% growth YoY

- Q3 EBITDA surged 52% YoY to AED 594 million, implying an EBITDA margin of 40.5%

- Q3 Net Profit jumped 77% YoY to AED 334 million

- Organic CapEx remained high, with AED 1.6 billion spent in Q3 and AED 4.2 billion for 9M 2022 as per plan

- Ports Cluster container volumes grew 31% YoY for Q3 (+28% YoY for 9M 2022), on the back of increased capacity and higher utilization rate of 54% for Q3

- Net additions of new land leases of 0.4 sq km in Q3 (4.2 sq km for 9M 2022)

- SAFEEN Feeders container volumes increased 34% YoY in Q3 (+27% for 9M 2022)

- Maritime Cluster Q3 2022 revenue was up +408% YoY to AED 676 million, driven by new business segments and service offering, new acquisitions Divetech, ASCL, SAFEEN Surveys and Subsea Services, and Transmar, as well as higher freight rates

- Game-changing acquisition of Global Feeder Shipping (GFS) will position AD Ports Group as the largest pure feeder operator in the region and the 3rd largest globally, by container capacity with an expected c.60% EPS accretion on a full-year basis in 2023

Abu Dhabi, UAE: AD Ports Group today announced its financial results for the third quarter of