AD Ports Group Posts 77% Growth In Third-Quarter Profit On Higher Revenues

AD Ports Group reported a 77% year-on-year rise in net profit to reach $90.9 million (AED 334 million) in the third quarter of 2022, thanks to higher revenues. Revenues went up 53% year-on-year to $399 million (AED 1.5 billion) in the third quarter of 2022, driven by solid growth in its maritime cluster and robust performance of its economic cities and free zones (EC&FZ) cluster. Adjusted earnings before interest, taxes, depreciation, and amortization (EBTIDA) increased 52% year-on-year to $161.7 million (AED 594 million) in July-September 2022. For the first nine months of 2022, net profit grew 58% year-on-year to $256.2 million (AED 941 million). Revenues rose 35% to $1 billion (AED 3.8 billion) compared to the same period in 2021. The company said it continued to press ahead with its "ambitious organic revenue generating capital expenditure program," with spending worth $435.6 million (AED 1.6 billion) in the third quarter and $1.1 billion (AED 4.2 billion) for the first three quarters of the year. Operating cash flow, meanwhile, stood at $353.9 million (AED 1.3 billion) for the first nine months of the year. “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," said Mohamed Al Shamisi, managing director and group CEO of AD Ports Group. "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.”