ABU Dhabi's AD Ports Group, owned by sovereign wealth fund ADQ, has published its preliminary 2021 financial results, reporting revenues of AED3.9 billion (US$1.1 billion).
The forecast revenue represents a 14 per cent year-on-year growth when compared with 2020's financial figures which saw revenue reaching AED3.4 billion, reports London's Port Technology.
According to the group, the success was driven by volume growth, business diversification and new partnerships.
EBITDA, on a reported basis, rose to AED1.6 billion during the 12-month period, up from AED1.5 billion in 2020. Furthermore, net profit has surged to AED845 million from AED 397 million in 2020.
Container throughput also grew to 3.4 million TEU in the year, increasing from 3.2 million TEU in 2020, despite ongoing supply constraints in the global shipping and container market.
Some of the company's operational highlights from 2021 included the 35-year concession with CMA CGM terminals to build a new container terminal in Khalifa Port with a total investment of AED565 million; the signing of a strategic collaboration agreement with Turkey's sovereign wealth fund, Turkye Varlik Fonu, to explore major investment opportunities in Turkey; and a series of agreements with the Aqaba Development Corporation to support the development of logistics and digital infrastructure within Aqaba.
"These excellent results demonstrate that AD Ports Group has consolidated our leadership position during a period where global trade and supply chains have experienced many challenges," said HE Falah Mohammed Al Ahbabi, chairman of AD Ports Group.
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