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AD Ports doubles revenue in 2023

AD Ports AD Ports group building
AD Ports Group has reported a doubling of revenue in 2023 to AED11.7bn ($3.19bn), boosted by mergers and acquisitions.

The group attributed rising revenues to the performance of its Maritime & Shipping, Ports, Logistics, and Digital Clusters divisions, as well as the impact of mergers and acquisitions, including the acquisition of Noatum mid-year. On a like-for-like basis, revenues were up by 58% to AED8.71bn with mergers and acquisitions excluded.

Profit rose by 6% on-year to AED1.36bn, weighed by higher depreciation and amortisation charges, finance costs and tax. Normalisation of interest rates would help bring profit performance in line with revenue performance, the group said. 

Reflecting on market conditions, AD Ports said 2023 was marked by a normalisation of rates following COVID-19 impacts, and fresh supply chain disruption later in the year due to the situation in the Red Sea.

“Looking ahead, persistent Red Sea disruptions are expected to continue to bolster both rates and demand for freight and might have a more pronounced knock-on effect on AD Ports Group operations,” the company said.

Like-for-like container volume throughput rose by 5%, but with the group’s expansion it reach 4.91m teu equivalent throughput, up 13% on-year. General cargo volumes rose by 26% to 40m tonnes, and ro-ro volumes almost quadrupled to 777,000 units on the six month contribution of Noatum’s volumes.
AD Ports’ Maritime & Shipping Cluster reached 226 vessels in 2023, with expansion across container, dry & liquid bulk, offshore & subsea, Ro-Ro, and multipurpose. Feeder port calls were up 34% on year, with volumes up 70% to 525,000 teu. 

The cluster continued to be the group’s revenue engine, it said, with revenue almost tripling to AED6.29bn, adjusting for pass-through vessel trading revenues.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Navigating the continually evolving, and at times unpredictable, landscape of global trade, our strategic investments have positioned AD Ports Group at the forefront of innovation and growth. Our focus on expanding our infrastructure and enhancing operational efficiencies continue to set a new benchmark for excellence in the maritime and logistics sector.”
Since the end of 2023, AD Ports has completed its acquisition of Global Feeder Shipping (GFS), acquired APM Terminals Castellón in Spain, completed the acquisition of 100% ownership of Sesé Auto Logistics and, in partnership with Kaheel Terminals, secured a second port concession agreement in Karachi (Pakistan) for Bulk and General Cargo operations.