AD Ports Group, a major logistics and port operator, announced robust operational and financial outcomes for 2023.
In the fiscal year, revenue surged by 112% YoY, reaching AED 11.68B. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) experienced a 23% YoY growth, reaching AED 2.67B, with a formidable EBITDA margin of 22.8%.
Factors such as acquisitions, organic investments, and changes in the business mix influenced the positive EBITDA margins, according to Gulf Business.
The Maritime & Shipping (M&S), Ports, Logistics, and Digital Clusters were pivotal in driving revenue growth, with M&S being the primary contributor. The Noatum acquisition, disclosed in June the previous year, played a significant role in the group’s impressive results.
Profit before tax achieved AED 1.41B, and the overall net profit reached Dhs1.36bn, marking a 6% YoY increase.
Strategically, the group invested AED 4.57B in growth capital expenditure, concentrating on organic expansion. Although free cash flow remained negative due to ongoing investments, the group maintains a robust financial position and holds investment-grade credit ratings.
Operational highlights include a 13% YoY increase in container throughput to 4.91 million TEUs, a 26% YoY rise in general cargo volumes to 40 million tonnes, a nearly fourfold YoY surge in Ro-Ro volumes to 777,000 vehicles, and a remarkable 183% YoY increase in cruise passenger volumes despite temporary disruptions.
Captain Mohamed Juma Al Shamisi, Managing Director, and Group CEO of AD Ports Group, stated, “Our strategic investments have positioned AD Ports Group at the forefront of innovation and growth in the continually evolving global trade landscape. Our commitment to expanding infrastructure and improving operational efficiencies contributes significantly to the economic diversification and industrial advancement of our nation, guided by the vision of the UAE’s wise leaders.”
