AD Ports Group reported a 15 percent year-on-year growth of 15 percent in revenue in Q1, reaching AED1.04 billion ($285 million), compared to AED910 million in 2021, with growth across most clusters and a strong contribution from new partnerships and business lines.
Net profit was up 41 percent year-on-year to AED306 million against AED218 million in Q1, 2021.
When adjusted for the AED73 million one-off gain, the group’s revenue, adjusted EBITDA, and net profit results grew by 15 percent, 15 percent, and 7 percent year-on-year, respectively.
Adjusted EBITDA for the period increased by 34 percent 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.
Captain Mohamed Juma Al Shamsi, Managing Director and Group CEO of AD Ports Group, 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.”