AD Ports Group on Tuesday announced a net profit of AED845 million ($230 million) in 2021, from AED397 million in 2020.
The company said it reported a revenue growth of 14 percent year-on-year to AED3.9 billion compared with AED3.4 billion in 2020, driven by volume growth, business diversification and new partnerships.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), on a reported basis, rose to AED1.6 billion during 2021, up from AED1.5 billion in 2020, it said.
As of 31st December 2021, the total assets of the Group stood at AED28.5 billion, while the equity increased to AED10.7 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 percent stake in logistics firm Aramex PJSC (Aramex) and a 10 percent stake in UAE-based contractor National Marine Dredging Company PJSC (NMDC).
The combined market value of these stakes was approximately AED2.4 billion based on the closing price of Aramex and NMDC shares on 7th February 2022. Additionally, in February 2022, the Group raised equity of AED4.0 billion through a pre-listing primary issuance.
AD Ports Group received credit ratings of A+ by S&P and A+ by Fitch in 2021.
Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said, “These excellent results demonstrate that AD Ports Group has consolidated our leadership position when global trade and supply chains have experienced many challenges.”
Operational highlights from 2021 included signing of a 35-year concession with CMA terminals to build a new container terminal in Khalifa Port with a total JV investment of AED565 million; strategic collaboration agreement with Turkey’s sovereign wealth fund, Turkiye Varlik Fonu, to explore major investment opportunities within Turkey; and a series of agreements with the Aqaba Development Corporation to support the development of tourism, logistics, transport, and digital infrastructure within Aqaba in Jordan.
General cargo volumes rose to the highest recorded annual levels achieved by AD Ports Group of 45 million metric tons in 2021, up from 30 million metric tons in 2020, while industrial zones leased 3.0 million sqm of land during the period, reflecting the wider economic recovery from the impact of the COVID-19 pandemic.
Container throughput grew to 3.4 million TEUs (twenty-foot equivalent units) in 2021, up from 3.2 million TEUs in 2020, despite the ongoing supply constraints faced in the global shipping and container market.
The Group’s shares have been listed on the main market of the Abu Dhabi Securities Exchange (ADX) and are set to begin trading on 8 February 2022 under the ticker symbol “ADPORTS”.