AD Ports Group announced its financial results for the second quarter of the year, seeing a 59% increase in net profit
Net profit growth accelerated to 59% year-on-year, reaching AED300 million ($82 million) in the second quarter of 2022, resulting in 49% year-on-year growth for the first half of 2022 .
Group revenue increased by 35% year-on-year to reach AED1.24 billion ($338.1 million) in the second quarter of 2022 (a 25% year-on-year increase in the first half of 2022) , achieving record results for the first half of growth mainly driven by the maritime and economic cities and the free zones (EC&FZ ) Clusters, and to a lesser extent by the Digital Cluster, writes AD Ports in its press release.
Consolidated capital expenditure during the second quarter of 2022 reached AED 1.6 billion ($440 million), with the three main investments being the maritime cluster (ship fleet expansion), the port cluster (expanding Khalifa Port and Etihad Rail Connectivity) and Economic Towns and Free Zones. Cluster (new warehouses, extension of the gas network and infrastructure investments to unlock additional land).
Container volumes were up 30% year-on-year, while ro-ro and cruise passenger volumes continued their healthy recovery from COVID-19-related disruptions.
In June 2022, AD Ports Group entered into an agreement with National Marine Dredging Company (NMDC) to launch a new JV, SAFEEN Surveys and Subsea Services.
In the same month, AD Ports Group announced its first international acquisition in Egypt with the purchase of a 70% stake in International Associated Cargo Carrier (IACC)which wholly owns Transmar International Shipping Company and Transcargo International (TCI).
In July 2022, AD Ports Group has launched a joint venture with SEG, one of the largest oil and gas companies in Uzbekistan, to open new logistics and freight businesses and signed a memorandum of understanding to develop a food storage and distribution center to improve the food trade of Uzbekistan on world markets and to strengthen food security in Central Asia.
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 expect to continue delivering on our performance to the rest of the year. .
“We are grateful to our wise leaders for their unwavering support for our efforts to drive economic growth, diversification and industrialization in the UAE.”