From Jordan to Pakistan
In its annual report for 2023, AD Ports Group looks back on a year of international expansion, strategic acquisitions, and financial growth.
The integration of Noatum, a worldwide logistics platform, and agreements in Jordan, Egypt, Pakistan, Republic of Congo, Kazakhstan, and Uzbekistan doubled the group’s revenue and expanded its presence to 46 countries. Key developments include the inauguration of the Aqaba Cruise Terminal and a 30-year concession for the Safaga Sea Port in Egypt.
With the acquisition of Noatum the group enhanced its logistics services. It also obtained a 30-year concession for a terminal in Congo's Pointe Noire Port.
Additionally, AD Ports Group signed a 50-year concession agreement with Karachi Port Trust to develop a container terminal in Pakistan.
To meet the demands of the offshore oil and gas market, the group purchased ten vessels for operations in the Middle East and Southeast Asia. A collaboration with Kazakhstan's KMTF led to the acquisition of two vessels for oil transports in the Caspian Sea.
The group now operates over 250 vessels in all service lines. Financially, 2023 saw a revenue growth of 112% to AED 11.7 billion (USD 3.2 billion), with ebitda increasing 23% to AED 2.67 billion (USD 0.73 billion) and net profit reaching AED 1.4 billion (USD 0.4 billion), up 6% year-on-year. (pb)