AD Ports Group recorded improved financial results for the first quarter of 2023, in continuation of full-year 2022 strong performance.
In particular, the Group’s revenue grew 73% year-on-year, to US$495 million in the first quarter of 2023. Additionally, the company’s earnings before interest, taxes, depreciation, and amortisation, (EBITDA) increased by 33% year-on-year reaching US$190 million.
For the same period, AD Ports Group’s total net profit soared by 18% year-on-year, climbing to US$99 million in the first quarter of 2023.
AD Ports Group highlighted that contribution from new its recent acquisitions of Divetech, ASCL, Safeen Subsea and Transmar, was very important to the overall Q1 results.
Captain Mohamed Juma Al Shamisi, managing director and CEO of AD Ports Group, commented, “Our investment in organic growth is bearing fruit, and the strategic M&A activity we undertook has provided a further boost to our growth. The Group’s performance across its five clusters demonstrates our strong business resilience with over 70% of Q1 2023 revenue being long-term, sticky and recurring business.”
He went on to point out, “As we press ahead with our five-year CapEx plan (2023-27) of around US$4.1 billion, and further expand our capabilities and market presence with the support of our wise leadership, we expect our growth trajectory to continue, especially since the macro outlook for the UAE and the region remains positive.”
