UAE-based AD Ports Group has announced its financial results for the third quarter of 2022, reporting revenue of US$399.1 million (AED 1,466 million), translating to an increase of 53%.
Additionally, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 52% year-on-year to US$161.7 million (AED 594 million) in the third quarter of the year.
AD Ports Group also achieved a net profit of US$90.9 million (AED 334 million) in Q3 2022, soaring by 77% compared with the same period last year.
The company said the acquisition of Global Feeder Shipping (GFS) will position AD Ports Group as the largest pure feeder operator in the region and the third largest globally in terms of container capacity.
Martin Aarup, group chief financial officer of AD Ports Group, commented, “We have a strong balance sheet, a firm bedrock of long-term recurring revenue for our Ports and EC&FZ businesses, and we see a positive correlation between the fundamentals of the Abu Dhabi economy and the success of our business.”
He added, “Our alignment with the emirate’s long-term industrial and manufacturing strategies, the country’s National Food Security Strategy 2051, and the long-term strategy to diversify the economy and boost non-oil exports all auger well for our business in the future.”
