Q1-2023 total net profit increased 18% YoY to AED 363mn
AD Ports Group recently announced another strong set of financial and operational results for the first quarter of 2023, in continuation of full year 2022 strong delivery.
The Group’s revenue grew 73% YoY to AED 1,817mn in Q1-2023, driven by the robust performance of its Maritime, Economic Cities & Free Zones, and Ports Clusters as well as the acquisitions made in 2022 and Q1-2023 –Transmar & TCI in Egypt as well as Divetech, ASCL, SAFEEN Subsea, and Al Eskan Al Jamae (EAJ) in Abu Dhabi.
EBITDA increased 33% YoY to AED 699mn in Q1-2023 driven by the Maritime and Ports Clusters as well as acquisitions, implying an EBITDA margin of 38.5% for the quarter, in line with the short-term guidance of 35-40% communicated to the market.
Total Net Profit soared 18% YoY to AED 363mn in Q1-2023.
“Investment in organic growth is bearing fruit, and the strategic M&A activity we undertook has provided a further boost to our growth,” stated Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group.
“This solid performance combined with good visibility comes from our unique business model in our Ports and Economic Cities & Free Zones Clusters, coupled with long-term contracts, partners, and leases in the Maritime and Logistics Clusters,” noted Martin Aarup, Group Chief Financial Officer, AD Ports Group.
