AD Ports Group reports net profit of Dhs306 million

ABUDHABI: AD Ports Group announced its financial results for the quarter ended 31st March 2022, reporting revenue growth of 15 per cent year-onyear to Dhs1,047 million for Q1 2022, compared with Dhs910 million in 2021, with growth across most clusters and a strong contribution from new partnerships and business lines.

Adjusted EBITDA for the period increased by 34 per cent year-on-year to Dhs524 million compared to Dhs393 million during the same period last year.

Adjusted EBITDA benefited from a oneoff gain of Dhs73 million from the sale of a purpose-built warehouse to a related strategic customer to conclude a long-term contract with said customer, which will positively impact Ports, Logistics and Economic Cities & Free Zones clusters going forward. The adjusted EBITDA margin for the period was higher year-on-year by seven percentage points at 50 per cent.

Net profit was up 41 per cent year-on-year to Dhs306 million against Dhs218 million in Q1, 2021. When adjusted for the Dhs73 million oneoff gain, the Group’s revenue, adjusted EBITDA, and net profit results grew by 15 per cent, 15 per cent, and 7 per cent year-on-year, respectively.

Total assets and total equity reached Dhs34.085 billion and Dhs17.770 billion, respectively, at the end of Q1 2022. Consolidated capital expenditure during the period was Dhs967 million, with investments primarily in the expansion of the vessel fleet as well as enhancements to Khalifa Port South Quay, Khalifa Logistics Port, and new build warehouses.