ALBAWABA - The Abu Dhabi Ports Group reported Wednesday a revenue growth of 41 percent year-on-year to AED5.5 billion ($1.5 billion).
The figure came in the AD Ports Group financial report for 2022.
AD Ports Group Revenues Surge 41% to USD1.5B in 2022: Forbes #AbuDhabi #UAE #ADPorts #Forbes @ADPortsGroup @Forbes_MENA_ pic.twitter.com/3npe6bRmvC— UAE Forsan (@UAE_Forsan) February 15, 2023
The Group's Chief Strategy and Growth Officer Ross Thompson said lauded 2022 as a "banner year for AD Ports Group."
"Despite the global geopolitical and economic headwinds, we continued to build on our foundation in Abu Dhabi by investing in creating assets, routes and expanding our service offerings," Thompson said.
"At the regional level, our ports and maritime expansion has been asset- and network-led," he said. "Our ambitious strategy, not only positioned us for local and regional growth, but also expanded our reach globally with a key focus on our key trading regions, countries, and routes."
The Emirates News Agency WAM said the Group’s strong results were "driven by the performance of its Maritime and Ports Clusters as well as acquisitions and new partnerships."
AD Ports Group registered $1.5 billion in revenues in 2022, representing a 41% growth.#Forbes— Forbes Middle East (@Forbes_MENA_) February 15, 2023
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Pre-tax earnings jumped by 37 percent to AED2.2 billion ($599 million) in 2022, while net profit soared by 53 percent to AED1.3 billion ($354 million), according to the Group.
It said a key highlight of the sound financial outcome was the "acquisition announcement of an 80 percent equity stake in Dubai-based Global Feeder Shipping (GFS), a global container shipping company, for an Enterprise Value of AED2.9 billion ($800 million)."
GFS is the third largest feeder shipping business globally. Upon completion, the acquisition, is set to position AD Ports Group as the largest pure feeder operator in the region and the third largest globally by container capacity, which will be close to 100,000 TEUs.
In September 2022, AD Ports Group acquired a 70 percent stake in International Associated Cargo Carrier (IACC) in Egypt for AED514 million ($140 million).
In total, the Group signed seven merger and acquisition transactions in 2022, which totaled AED5.9 billion ($1.6 billion), with GFS and Noatum. A deal with Eskan Al Jamae is yet to be concluded.