“Operationally, ports cluster container volumes grew 31% year-on-year in the third quarter of 2022 (and 28% year-on-year for the first nine months of 2022), driven by increased capacity after the expansion of ADT and CSP Abu Dhabi Terminals in 2021,” the company said.
Last year, throughput at the port was 3.4m teu. “Ports cluster revenue grew 18% year-on-year on a like-for-like basis when adjusted for the positive effect of a one-off sand supply contract in 2021.”
Third quarter revenues jumped 53% to $399m, while net profits were up 77% to $91m. Organic capital expenditure remained high, with $436m spent in the third quarter and $1.44bn for the first nine months of 2022, as planned.
“Maritime cluster third quarter 2022 revenue was up 408% year-on-year to $184m, driven by new business segments and service offering, and new acquisitions Divetech, ASCL, Safeen Surveys and Subsea Services, and Transmar, as well as higher freight rates,” it said.
“These remarkable results demonstrate the effectiveness and impact of our ambitious growth strategy, as we seek new opportunities even in challenging global market conditions,” Capt. Mohamed Al Shamisi, Managing Director and Group CEO, AD Ports Group, said.
“We have pursued joint ventures and acquisitions that have built supply chain density along major routes, accelerating trade and building resilience for customers around the world. These new ventures have played a key role in expanding our service offering, enabling us to support customers at every stage of their business journey, and delivering exponential growth in our maritime business in particular.”
Earlier this month, in a transaction expected to complete 2023, AD Ports Group signed an agreement to acquire an 80% equity stake in Dubai-based Global Feeder Shipping (GFS) for $800m, making it one of the largest feeder shipping companies in the world. Its fleet consists of 26 owned and operated vessels with a total capacity of 72,500 teu, covering the Middle East, Indian Subcontinent and Southeast Asia.
“Globally, we can see signs of economic recession and a slowing of international trade, but our operations are thriving in markets and along routes that still show tremendous capacity for growth, particularly in the MENA region, along the Red Sea coast, and the Indian subcontinent,” Ross Thompson, Group Chief Strategy and Growth Officer, AD Ports Group, said.
“We are successfully executing a three-stage growth strategy with clear objectives and outcomes, consolidating our position as the leader in logistics and trade services in Abu Dhabi and the UAE; executing customer-led regional expansion along critical trade routes and through focused service launches, and expanding globally across major maritime and inland supply chains. We can offer confident medium-term visibility that will see positive strong revenue, EBITDA and profit growth for the next five years.”
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