Reporting record volume numbers the terminal operator highlighted new land leases that had been signed. “A record 3.9 square kilometres of new land leases were signed during the first half of the year, more than the annual land leases signed in each of 2021 and 2020,” it said.
Second quarter revenues were up 35% to $338m, while net profits for the period were up 59% to $82m. First half volumes were up 27%, to 2.02m teu, compared to the same period last year.
In June 2022, AD Ports Group reached an agreement with National Marine Dredging Company (NMDC) to launch a new JV, Safeen Surveys and Subsea Services, it said.
“The new company will offer offshore surveys and subsea services, including commercial diving services and unmanned vessel inspections, in the UAE, the GCC, and some international markets. In addition, the JV will provide innovative solutions to meet the needs of offshore operations related to the oil and gas and renewable energy sectors,” the group said.
Also in June, AD Ports Group announced its first international acquisition in Egypt with the purchase of a 70% stake in International Associated Cargo Carrier (IACC), which fully owns container shipping company Transmar International Shipping, and terminal operator, Transcargo International.
In July, AD Ports Group launched a joint venture with SEG, an oil and gas companies in Uzbekistan, to open new logistics and freight businesses and signed an MoU to develop a food storage and distribution hub to enhance Uzbekistan’s food trade across global markets.
“The Group’s core businesses have continued to rebound from the severe supply chain disruptions of last year while our new ventures, enhanced service offering, and diversification strategy into synergistic new businesses have been yielding positive results,” Captain Mohamed Al Shamisi, MD and Group CEO, AD Ports Group, said.
“We have also benefitted from the macro picture in the Gulf region, and in the UAE in particular. Not only have oil prices been increasing sharply, which has accelerated the country’s economic growth, including the non-oil economy, but AD Ports Group is also well-positioned to be one of the key beneficiaries of Abu Dhabi’s Industrial Strategy, which aims to more than double the size of its manufacturing sector to AED 172 billion by 2031.”
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