AD Ports H1 revenue up 21%

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AD Ports has seen its H! revenue rise due to organic growth, diversification, new leases, and partnerships.
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  • AD Ports Group revenue increase 21 percent year-on-year to AED1,832 million ($499 million) in H1 2021
  • This was in contrast with its H1 2020 revenue of AED1,517 million ($413 million)

AD Ports Group has seen its revenue increase 21 percent year-on-year to AED1,832 million ($499 million) in the first half of 2021, said local reports on Saturday, October 16.

This was in contrast with its H1 2020 revenue of AED1,517 million ($413 million), said the reports.

The increase is said to have been driven by organic growth, diversification into new businesses, new leases, and partnerships.

EBITDA rose 8 percent year-on-year to AED770 million ($210 million), up from AED714 million ($195 million) in the first half of 2020, with growth across most of the business clusters.

The underlying business witnessed cargo volumes growing from 15 million metric tons in H1 2020 to 25 million metric tons in H1 2021, said the reports.

Container throughput are said to have from 1.57 million TEUs (twenty-foot equivalent units) to 1.59 million TEUs during the same period.

The industrial zones leased about 2.4 million sq. meters of land during H1 2021, the reports said.

From a capital-raising standpoint, AD Ports Group issued a AED3.67 billion ($1 billion rated A+ by Fitch and S&P, respectively) bond dually listed on the London Stock Exchange (LSE) and Abu Dhabi Securities Exchange (ADX) in May 2021, achieving the lowest coupon rate for an Abu Dhabi government-related entity at the time.

Operational highlights to date in 2021 include the formal inauguration of the expanded container terminal at Fujairah Port in June 2021.

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