Fri 13-05-2022 13:27 PM
ABU DHABI, 13th May, 2022 (WAM) -- AD Ports Group today announced its financial results for the quarter ended 31st March 2022, reporting revenue growth of 15 percent year-on-year to AED1,047 million for Q1 2022, compared with AED910 million in 2021, with growth across most clusters and a strong contribution from new partnerships and business lines.
Adjusted EBITDA for the period increased by 34 percent year-on-year to AED524 million compared to AED393 million during the same period last year.
Adjusted EBITDA benefitted from a one-off gain of AED73 million from the sale of a purpose-built warehouse to a related strategic customer to conclude a long-term contract with said customer, which will positively impact Ports, Logistics and Economic Cities & Free Zones clusters going forward. The adjusted EBITDA margin for the period was higher year-on-year by seven percentage points at 50 percent.
Net profit was up 41 percent year-on-year to AED306 million against AED218 million in Q1, 2021. When adjusted for the AED73 million one-off gain, the Group's revenue, adjusted EBITDA, and net profit results grew by 15 percent, 15 percent, and 7 percent year-on-year, respectively.
Total assets and total equity reached AED34.085 billion and AED17.770 billion, respectively, at the end of Q1 2022. Consolidated capital expenditure during the period was AED967 million, with investments primarily in the expansion of the vessel fleet as well as enhancements to Khalifa Port South Quay, Khalifa Logistics Port, and new build warehouses.
AD Ports Group reconfirmed its credit ratings of A+ by S&P and A+ by Fitch in February 2022.
Captain Mohamed Juma Al Shamsi, Managing Director and Group CEO of AD Ports Group, said, "We started 2022 with a strong performance that has delivered healthy returns for our stakeholders. The Group's core businesses are rebounding from the supply chain disruptions of the recent period, while our dynamic new ventures are yielding positive results. Our integrated business model, built upon a firm foundation of long-term contracts and enhanced service offerings, continues to drive growth. We are resolute in our commitment to contribute to the UAE's economic development."