AD Ports Group has announced its financial results for the nine months ended 30 September, reporting revenue growth of 22% year-on-year to US$760 million compared with US$625 million in the same period last year, driven by volume growth, business diversification and new partnerships.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 7% year-on-year to US$316 million during this period, with growth across most of the business clusters.
“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,” confirmed Captain Mohamed Juma Al Shamsi, CEO of AD Ports Group.
Meanwhile, container throughput grew to 2.47 million TEU in the first nine months of 2021, slightly increased from 2.42 million TEU in the same period in 2020, despite the ongoing supply constraints faced in the global shipping and container market.
Additionally, 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 m² of land in this period, reflecting the wider global recovery from the impact of the Covid-19 pandemic, although some supply chain issues remain.
Martin Aarup, chief financial officer of AD Ports Group, commented, “We have maintained our focus on delivering stable returns, building on the firm foundation of our long-term contracts backed by a prudent investment strategy. We are beginning to realise returns from our new investments, joint ventures and partnerships across feedering, offshore and transhipment services as well as from our expansion of logistics services.”
