Abu Dhabi-based AD Ports Group, a leading global driver of trade and logistics in the UAE, has registered a 15% growth in its revenue for the first quarter which soared to AED1.05 million ( ) from AED910 million last year with growth across most clusters and a strong contribution from new partnerships and business lines.
Announcing its financial results for the quarter ended March 31, 2022, AD Ports said its net profit was up 41% year-on-year surging to hit AED306 million against AED218 million. When adjusted for the AED73 million one-off gain, the group's adjusted ebitda and net profit results grew by 15% and 7% year-on-year, respectively.
Adjusted ebitda for the period increased by 34% year-on-year to AED524 million compared to AED393 million during the same period last year.
Total assets and total equity reached AED34.085 billion and AED17.770 billion, respectively, at the end of Q1 2022, it added.
AD Ports Group said the consolidated capital expenditure during the period was AED967 million, with investments primarily in the expansion of the vessel fleet as well as enhancements to Khalifa Port South Quay, Khalifa Logistics Port, and new build warehouses.
Managing Director and Group CEO Captain Mohamed Juma Al Shamsi said: "We started 2022 with a strong performance that has delivered healthy returns for our stakeholders. 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. We are resolute in our commitment to contribute to the UAE's economic development," he added.-TradeArabia News Service