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AD Ports’ profits to shareholders hike 50% in 2022 unaudited results

AD Ports’ profits to shareholders hike 50% in 2022 unaudited results
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AD Ports Group
-0.77% 5.14 -0.04

Abu Dhabi – Mubasher: AD Ports Group witnessed a 50% jump in net profit attributable to the owners to AED 1.26 billion in 2022, versus AED 845.69 million in 2021.

The revenues stood at AED 5.51 billion during the January-December 2022 period, a 41% year-on-year (YoY) hike from AED 3.90 billion, according to the preliminary financial results.

Basic and diluted earnings per share (EPS) grew by 16% YoY to AED 0.26 in 2022 from AED 0.22, whereas the total assets increased by 10.36% YoY to AED 38.51 billion from AED 28.14 billion.

Income Statements for Q4-22

During the fourth quarter (Q4) of 2022, the group’s net profits attributable to the equityholders soared by 38% to AED 353 million from AED 256 million in October-December 2021.

The revenues enlarged by 58% to AED 1.76 billion in Q4-22 from AED 1.11 billion in Q4-21, while the EPS widened by 38% to AED 0.07 from AED 0.05.

Martin Aarup, Group Chief Financial Officer of AD Ports, said: “We are pleased to have achieved an exceptional performance during 2022 by continuing to press ahead with our ambitious organic revenue-generating CapEx programme of around AED 15 billion over the next five years, with spending of AED 1.40 billion in Q4-22 and AED 5.60 billion for the full year in 2022.”

Aarup also indicated that the higher results were attributed to “accelerating the pace of [mergers and acquisitions] M&A transactions, with seven of them completed or announced last year.”

“With a net debt to [earnings before interest, taxes, depreciation, and amortisation] EBITDA ratio of 1.9x at the end of 2022 (vs. 2.3x in 2021), AD Ports maintains a solid financial position and robust balance sheet, with significant capital resources still available for both organic and inorganic growth going forward,” he added.

In the first nine months (9M) of 2022, the ADX-listed company registered net profits attributable to the shareholders worth AED 917.05 million, higher than AED 590.04 million in 9M-21.