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15-02-23

AD Ports Group records 50 percent rise in net profit last year

(MENAFN) AD Ports Group, the Abu Dhabi-based operator of industrial cities and free zones, saw a 50 percent jump in its net profit for 2022, as a broader focus on the maritime sector led to increased earnings. According to the company's filing with the Abu Dhabi Securities Exchange, net profit attributable to owners for the year ended 31 December 2022 surged to USD345.8 million, up from USD232.4 million in 2021.

Meanwhile, revenue climbed 41 percent YoY to USD1.5 billion, driven by the maritime cluster and the impact of new acquisitions, with revenue growth reaching 23 percent YoY on a like-for-like basis. AD Ports' maritime business has been a major contributor to its income, accounting for 37 percent of the group's total revenue.

In 2022, the maritime cluster saw its annual revenue grow by an impressive 256 percent to USD587.6 million, thanks to an expansion of service offerings and increased activity in new business segments such as feedering, chartering, transshipment, and offshore services.

AD Ports' acquisition of new companies, including Divetech Marine Engineering Services, Alligator Shipping Container Line, Transmar, and Safeen Surveys and Subsea Services, is expected to continue supporting the maritime cluster's growth in the future. The company has been expanding its operations globally and now owns and operates 10 ports in the UAE.

It has recently signed framework agreements with Angola's Ministry of Transport and Kazakhstan's state energy company KazMunayGas to explore new business opportunities in ferry and cabotage services, maritime passenger terminals, logistics platforms, and maritime academies. In 2021, the AD Ports Group acquired Spain's integrated logistics platform Noatum for USD680.6 million, purchased a 70 percent equity stake in Egypt's International Associated Cargo Carrier for USD140 million, and bought an 80 percent stake in Dubai-based global container shipping company Global Feeder Shipping for USD791.6 million.

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