Abu Dhabi, UAE — AD Ports Group has reported AED 1.36 billion ($370 million) in net profit for 2023, up 6 percent year-on-year.
The Group said it more than doubled year-on-year to AED11.68 billion, up 58% YoY to AED 8.71 billion on a like-for-like (LFL) basis after adjusting for the effect of mergers and acquisitions (M&A).
Revenue growth was driven by the Maritime & Shipping, Ports, Logistics, and Digital Clusters, as well as M&A effect, particularly the completion of the Noatum acquisition on 30th June 2023 (six-month impact), according to a company statement.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “Navigating the continually evolving, and at times unpredictable, landscape of global trade, our strategic investments have positioned AD Ports Group at the forefront of innovation and growth.”
The Maritime & Shipping Cluster also booked pass-through vessel trading revenues in Q3 & Q4 2023, with no associated profits. Adjusting for vessel trading activities, Group revenue would have increased by 77 percent YoY in 2023, up 23 percent YoY on a LFL basis.
EBITDA was impacted by a notable non-cash exceptional one-off impairment charge of AED 139 million related to an investment in a listed associate in Q4 2023. Adjusting for the negative impact of this one-off, EBITDA would have increased by 29 percent YoY in 2023.
General cargo volumes rose by 26 percent YoY to reach 40 million tons in 2023, compared with 31.7 million tons in 2022, 13 percent YoY on an LFL basis.