Q2-2023 total net profit increased 3% YoY to AED 310mn
AD Ports Group today announced its financial results for the second quarter of 2023, reporting revenue growth of 66% YoY to AED 2.1bn, driven by volume growth in key sectors, business diversification as well as local, regional, and international expansion both organically and through M&A, the company said in a press communique.
Total Net Profit increased by 3% YoY to AED 310mn in Q2-2023 as EBITDA growth was diluted by the increase in depreciation and amortisation charges as well as finance costs associated with deployment of new assets with deferred revenue effect.
The Logistics Cluster contributed AED 127mn to the Group’s revenue in Q2 2023, representing a 3% YoY increase as 8% YoY growth in polymer volumes was partly offset by cessation of Covid-19 vaccine business.
Based on 2023’s first six months financial performance for both AD Ports Group and Noatum, the latter accounts for over 50% of AD Ports Group’s revenue and 13% of its EBITDA.
“With a remarkable 66% YoY revenue growth to AED 2.1bn, we are successfully executing our diversification strategy and leveraging synergies from our recent acquisitions,” stated Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group.
“AD Ports Group’s solid financial performance in Q2 2023, evidenced by a 29% YoY increase in EBITDA to AED 686 million, showcases our resilient growth journey driven by our expanded service offering and geographic diversification,” remarked Martin Aarup, Group Chief Financial Officer, AD Ports Group.
