Abu Dhabi Ports net profit rises AED853mn in 2021

Abu Dhabi / Gulf Time

AD Ports Group on Thursday released its audited 2021 financial results for the 12 months ended December 31, 2021, following on from the announcement of its preliminary financial results in February 2022.
The group reported revenue growth of 14% year-on-year to AED3.9 billion in 2021, compared with AED3.4 billion in 2020, driven by volume growth, business diversification and the new partnerships.
Ebitda of the group increased to AED1.6 billion during 2021, up from AED1.5 billion in 2020 and net profit reached AED 853 million in 2021, up from AED397 million in 2020.
As of December 31, 2021, the total assets of the group stood at AED28.1 billion, while the equity increased to AED10.7 billion.
General cargo volumes reached record levels of 45 million metric tonnes in 2021, up from 30 million metric tonnes in 2020, while economic cities and free zones leased 3.0 million sqm of land during the period.
, reflecting the wider economic recovery from the impact of the Covid-19 pandemic.
Container throughput grew to 3.4 million TEUs (twenty-foot equivalent units) in 2021, up from 3.2 million TEUs in 2020, despite the ongoing supply chain constraints faced in the global shipping and container market.
In January 2022, ADQ transferred ownership in two listed companies to AD Ports Group comprising of a 22.32 percent stake in logistics firm Aramex PJSC (“Aramex”) and a 10 percent stake in UAE-based contractor National Marine Dredging Company PJSC (“NMDC”). The combined market value of these stakes was approximately AED 2.5 billion at the time of transfer.
In February 2022, AD Ports Group announced that it had acquired Divetech Marine Engineering Services, a UAE-based topside-subsea solutions provider. Additionally, in February 2022, the Group raised equity of AED 4.0 billion through a pre-listing primary issuance.
AD Ports Group credit rating of A+ was reaffirmed by S&P and Fitch post listing.
The group’s shares began trading on the primary market of the Abu Dhabi Securities Exchange (ADX) on February 8, 2022, under the ticker symbol “ADPORTS”.