AD Ports has reported rapid growth in revenues in the second quarter of 2023, which were up 66% compared with the same period in 2022, to AED 2.1 billion. This positive performance was largely due to growth in its maritime, ports and digital activities, as well as through growth by acquisitions.
Volume growth was strong across the board, including a 10% increase in containers, 40% for general cargo, 64% for ro-ro traffic, 152% in cruise and 27% for feeder container movements.
Total net profit increased by 3% to AED 310 million in the second quarter as EBITDA growth was diluted by the increase in depreciation and amortisation charges, as well as finance costs associated with deployment of new assets with deferred revenue effect.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “I am delighted with our strong financial performance which shows we are successfully executing our diversification strategy and leveraging synergies from our recent acquisitions, paving the way for continued growth and value creation for our stakeholders.”