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AD Ports Group has submitted its 2021 Annual Report to the Abu Dhabi Securities Exchange (ADX).This is the first report filed since it was listed on the ADX in February this year, and highlights a truly remarkable year for the company, which saw AD Ports Group achieve strong revenue and net profit growth, and emerge as a major distributor of Covid-19 vaccines in the UAE and a supplier to more than 60 countries worldwide. As a strategic gateway to Abu Dhabi, AD Ports Group generated 21% of all non-oil related GDP in the Emirate, according to Oxford Economics, underlining its growing importance within the country.
Group revenue rose for the 14th consecutive year to AED 3.9 billion, from AED 3.4 billion in 2020, and it achieved record net profits of AED 853 million, up from AED 397 million in 2020. According to Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, “2021 was a transformative year for AD Ports Group, as we delivered robust financial results and strengthened our position as the global financial community’s ‘port of entry’ to invest in the Gulf’s fastest-growing economy.”
The Annual Report details some of the major agreements signed in 2021 that have extended AD Ports Group’s global reach, including its 35-year concession agreement with CMA CGM for a new AED 570 million terminal at Khalifa Port. That means it will in future be a global hub for three of the world’s four biggest shipping companies.
The year also saw the signing of several strategic agreements between AD Ports Group and the Aqaba Development Corporation, who are now working closely together to drive the development of tourism, logistics, transport, and digital infrastructure within the Jordanian port city.
Other key achievements included a joint venture with China’s Shandong Ports Group to build a 150,000 m2 tyre storage and distribution city at KIZAD; an agreement with Australia’s Lepidico to build a new facility for lithium batteries at KIZAD that will drive electric car production in the GCC; and a contract with Helios Industry to develop an AED 3.67 billion hydrogen production facility to make green ammonia using an 800MW solar plant.
In the UAE, AD Port Group’s joint venture, OFCO, won the undersea cabling business of Abu Dhabi National Oil Company (ADNOC) and the company signed an agreement to ship five million tonnes of steel each year for Emirates Steel.
Key financial highlights of the year included AD Ports Group’s successful inaugural US$ 1 billion issue of 10-year bonds, which were listed on the ADX and London Stock Exchange (LSE), as well as preparation for its successful February 2022 ADX equity listing, which raised AED 4 billion for both future organic growth and acquisitions.
