AD Ports Group reported a net profit of AED 300 million ($81.67 million) for the second quarter of 2022, which is a 59-percent year to year growth.
In a statement, the ports operator said revenue grew by 35 percent YoY to AED 1.24 billion driven by the maritime and Maritime and Economic Cities & Free Zones (EC&FZ) clusters. EBITDA increased by 41 percent YoY to AED 532 million.
Capex reached AED 1.6 billion, in line with the Group’s capital investment plans to spend more than AED 15 billion across all clusters over the 2022-26 period, the statement said.
Container volumes grew by 30 percent YoY while Ro-Ro and cruise passenger volumes continued their healthy recovery post COVID-19 disruptions.
The statement said a record 3.9 sq km of new land leases signed during H1 2022, more than the annual land leases signed in 2021 and 2020.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said, “The momentum of our growth journey has accelerated throughout the first half of the year, and we anticipate continuing to deliver on our performance for the remainder of the year.”
“In Q2 2022, we continued to invest heavily in order to deliver future growth. Moreover, we have also benefitted from the macro picture in the Gulf region, and in the UAE in particular,” he said.