AD Ports Group Q1-2022 revenues shoot past Dh1b

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UAE
  • Date: 13-May-2022
  • Source: Gulf News
  • Sector: Transport
  • Country: UAE
  • Who else needs to know?

AD Ports Group Q1-2022 revenues shoot past Dh1b

Dubai: The AD Ports Group, fresh from its IPO and ADX listing, churned out Dh1.94 billion in first quarter 2022 revenues, from Dh910 million a year ago, with all of its key clusters contributing. The entity, owned by Abu Dhabi Government, made gains from key clusters as well as early inflows from ‘new partnerships and business lines’. All of this was enough for a 41 per cent spike in net profit to Dh306 million. There was also a one-off gain in the EBITDA numbers, by Dh73 million from sale of a warehouse to a ‘strategic customer’. The EBITDA (earnings before interest, tax, depreciation and amortization) was boosted by 34 per cent to Dh524 million (Q1-2021 tally being Dh393 million). Mohamed Juma Al Shamsi, Managing Director and Group CEO, AD Ports Group, said: “The Group’s core businesses are rebounding from the supply chain disruptions of the recent period, while our dynamic new ventures are yielding positive results. Our integrated business model, built upon a firm foundation of long-term contracts and enhanced service offerings, continues to drive growth.” Just recently, AD Ports Group signed long-term contracts to build and manage ports in Egypt, including at strategic locations. These will feed the company

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