Home / Shipping News / Port News / AD Ports Group Records Strong Revenue of AED 3.9 billion (USD 1.1 billion) for Full-Year 2021, up 14% Year-on-Year, with Net Profit reaching AED 845 million (USD 230 million)

AD Ports Group Records Strong Revenue of AED 3.9 billion (USD 1.1 billion) for Full-Year 2021, up 14% Year-on-Year, with Net Profit reaching AED 845 million (USD 230 million)

AD Ports Group today announced its 2021 financial results based on preliminary, unaudited financials for the 12 months ended December 31, 2021, reporting revenue growth of 14% year-on-year to AED 3.9 billion (USD 1.1 billion) compared with AED 3.4 billion (USD 933 million) in 2020, driven by volume growth, business diversification and new partnerships.

EBITDA, on a reported basis, rose to AED 1.6 billion (USD 434 million) during 2021, up from AED 1.5 billion (USD 422 million) in 2020.

Net Profit reached AED 845 million (USD 230 million) in 2021 from AED 397 million (USD 108 million) in 2020.

As of December 31, 2021, the Total Assets of the Group stood at AED 28.5 billion (USD 7.8 billion), while the Equity increased to AED 10.7 billion (USD 2.9 billion). These do not reflect recent events in 2022 that resulted in an increase in total assets and equity. In January 2022, the Group received ownership stakes from ADQ in two listed companies comprising of a 22.32 percent stake in logistics firm Aramex PJSC (“Aramex”) and a 10 percent stake in UAE-based contractor National Marine Dredging Company PJSC (“NMDC”). The combined market value of these stakes was approximately AED 2.4 billion (USD 662 million) based on the closing price of Aramex and NMDC shares on February 7, 2022. Additionally, in February 2022, the Group raised equity of AED 4.0 billion (USD 1.1 billion) through a pre-listing primary issuance.

AD Ports Group received credit ratings of A+ by S&P and A+ by Fitch in 2021.

H.E. Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said: “These excellent results demonstrate that AD Ports Group has consolidated our leadership position during a period where global trade and supply chains have experienced many challenges. Buoyed by our culture of innovation and our key strategic partnerships with global companies, we continue to deliver robust results and maintain our positive momentum. These results were possible thanks to the direction of our wise leadership and for their unwavering support for our endeavours to drive the economic growth, diversification, and industrialisation of the UAE.”

Captain Mohamed Juma Al Shamsi, Group CEO, AD Ports Group, said: “AD Ports Group delivered strong growth in 2021, driven by excellent performance across our business. Our Ports and Economic Cities continue to deliver excellent returns, while the expansion of our logistics services and growth in shipping also made a significant contribution. As we continue to build the knowledge and expertise required to take our business to the next level and utilize the AED 4 billion in cash proceeds from the pre-listing issuance this month, we believe that the Group is well positioned to accelerate its local and international expansion plans in 2022 and beyond with transformational impact across a broad range of industries.”

Operational highlights from 2021 included signing of a 35-year concession with CMA terminals to build a new container terminal in Khalifa Port with a total JV investment of AED 565 million (USD 154 million); strategic collaboration agreement with Turkey’s sovereign wealth fund, Turkiye Varlik Fonu, to explore major investment opportunities within Turkey; and a series of agreements with the Aqaba Development Corporation to support the development of tourism, logistics, transport, and digital infrastructure within Aqaba in the Hashemite Kingdom of Jordan.

Martin Aarup, Group Chief Financial Officer, AD Ports Group, said: “At the core of these results is the stability of our long-term contract business and our prudent investment strategy. AD Ports Group benefits from our well-balanced capital structure, investment-grade credit ratings, and stable long-term cash flows. This was evidenced by 14% Revenue growth compared to 2020.”

General cargo volumes rose to highest recorded annual levels achieved by AD Ports Group of 45 million metric tonnes in 2021, up from 30 million metric tonnes in 2020, while industrial zones leased 3.0 million sqm of land during the period, reflecting the wider economic recovery from the impact of the COVID-19 pandemic.

Container throughput grew to 3.4 million TEUs (twenty-foot equivalent units) in 2021, up from 3.2 million TEUs in 2020, despite the ongoing supply constraints faced in the global shipping and container market.

The Group’s shares have been listed on the main market of the Abu Dhabi Securities Exchange (ADX), and are set to begin trading on February 8, 2022 under the ticker symbol “ADPORTS”.
Source: AD Ports

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