Abu Dhabi – Mubasher: AD Ports Group generated AED 617 million in net profit attributable to the owners during the first half (H1) of 2023, up 2% from AED 603 million in H1-22.

The revenues amounted to AED 3.87 billion as of 30 June 2023, marking a 69% year-on-year (YoY) leap from AED 2.28 billion, according to the income statements.

Earnings per share (EPS) remained quite unchanged at AED 0.12 in the first six months (6M) of 2023.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the net profits attributable to the equityholders of AD Ports hit AED 286 million, an annual decline of 4% from AED 298 million.

Meanwhile, the revenues climbed by 66% to AED 2.06 billion in Q2-23 from AED 1.24 billion in Q2-22.

Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, commented: "With a remarkable 66% YoY revenue growth to AED 2.05 billion, we are successfully executing our diversification strategy and leveraging synergies from our recent acquisitions, paving the way for continued growth and value creation for our stakeholders, driven by the support of our wise leadership"

Martin Aarup, Group CFO of AD Ports, said: “AD Ports’ solid financial performance in Q2 2023, evidenced by a 29% YoY increase in [earnings before interest, taxes, depreciation, and amortisation]EBITDA to AED 686 million, showcases our resilient growth journey driven by our expanded service offering and geographic diversification.”

“At the same time, we continue to invest large amounts of [capital expenditure] CapEx, AED 1.8 billion in Q2-23, which will drive our future growth,” Aarup noted.

As of 31 March, the UAE-based group posted 9% YoY higher net profits attributable to the shareholders at AED 330.93 million, compared to AED 304.92 million.