AD Ports Group records strong revenue of Dhs3.9 billion in 2021

AD Ports Group records strong revenue of Dhs3.9 billion in 2021

AD Ports Group on Tuesday announced its 2021 financial results based on preliminary, unaudited financials for the 12 months ended Dec.31, 2021, reporting revenue growth of 14 per cent year-on-year to Dhs3.9 billion compared with Dhs3.4 billion in 2020, driven by volume growth, business diversification and new partnerships. Earnings Before Interest, Taxes, Depreciation and Amortisation (Ebitda), on a reported basis, rose to Dhs1.6 billion during 2021, up from Dhs1.5 billion in 2020. Net Profit reached Dhs845 million in 2021 from Dhs397 million in 2020. As of Dec.31, 2021, the total assets of the Group stood at Dhs28.5 billion, while the equity increased to Dhs10.7 billion. These do not reflect recent events in 2022 that increased total assets and equity. In January 2022, the Group received ownership stakes from ADQ in two listed companies comprising a 22.32 per cent stake in logistics firm Aramex PJSC (Aramex) and a 10 per cent stake in UAE-based contractor National Marine Dredging Company (NMDC). The combined market value of these stakes was approximately Dhs2.4 billion based on the closing price of Aramex and NMDC shares on 7th February 2022. Additionally, in February 2022, the Group raised equity of Dhs4.0 billion through a pre-listing primary issuance.