AD Ports Group: growth in Q2/2023
AD Ports Group reported a significant 66% YoY revenue increase in Q2/2023, reaching AED 2.1 billion (USD 571 million). The result was driven by a good performance in maritime, ports, and digital clusters, alongside acquisitions. Adjusted for acquisitions, revenue grew by 44% YoY. Volumes showed a particularly strong increase in key sectors such as ports containers, general cargo and cruise.
Based on 2023’s first six months financial performance for both AD Ports Group and its new Spanish affiliate Noatum, the latter accounts for over 50% of AD Ports Group’s revenue and 13% of its ebitda. In total, ebitda rose by 29% YoY to AED 686 million (USD 186 million), with an ebitda margin of 33%.
Total net profit grew by 3% YoY to AED 310 million (USD 84 million). Significant developments include the completion of the Noatum acquisition and new partner agreements, such as the Karachi Port Trust concession and the formation of the Safeen Drydocks joint venture. (pb)