Abu Dhabi Ports Group reports 22% revenue growth

 

Abu Dhabi Ports Group reports 22% revenue growth
PHOTO CREDIT: Bloomberg

 

Abu Dhabi Ports Group announced its financial results for the nine months ended September 30, 2021, reporting revenue growth of 22% year-on-year to AED 2.791 billion (USD 760 million) compared with AED 2.295 billion (USD 625 million) in the same period last year, driven by volume growth, business diversification and new partnerships.

EBITDA rose 7% year-on-year to AED 1.161 billion (USD 316 million) during this period, up from AED 1.081 billion (USD 295 million) during the same period in 2020, with growth across most of the business clusters.

General cargo volumes rose to 37 million metric tonnes in year-to-date September 2021, up from 22 million metric tonnes in the same period in 2020 while industrial zones leased about 2.7 million square metres of land in this period, reflecting the wider global recovery from the impact of the COVID-19 pandemic, although some supply chain issues remain.

Container throughput grew to 2.47 million TEUs in the first nine months of 2021, up from 2.42 million TEUs in the same period in 2020, despite the ongoing supply constraints faced in the global shipping and container market.

Captain Mohamed Juma Al Shamsi, Group CEO, AD Ports Group, said, “We reported solid results for the nine months ended September 30, 2021, due to continuing growth in our core businesses and incremental returns from new investments.

“We are well-positioned for sustained growth as the world economy recovers from the impact of the global pandemic and as we take an active role in helping to resolve global supply chain issues. Our commitment to contribute to Abu Dhabi’s and the UAE’s economic development is stronger than ever.”

Operational highlights from the period included the signing of a concession agreement with CMA CGM Group in July 2021 to establish a new terminal in Khalifa Port.

The group also signed a Heads of Terms agreement with Aqaba Development Corporation to build and operate a new cruise terminal at the Port of Aqaba, Jordan, the first of its kind in the country and its first cruise facility outside the UAE.

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