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AD Ports sees 13% lower profits in 2023

AD Ports sees 13% lower profits in 2023
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AD Ports Group
ADPORTS
-0.35% 5.63 -0.02

Abu Dhabi – Mubasher: AD Ports Group posted 13% lower net profits attributable to the owners at AED 1.08 billion in 2023, compared to AED 1.24 billion in 2022, according to the initial financial results.

Basic and diluted earnings per share (EPS) fell by 15% to AED 0.21 in 2023 from AED 0.25 a year earlier, while the revenues hiked by 112% to AED 11.67 billion from AED 5.49 billion.

Total assets hit AED 55.38 billion as of 31 December 2023, up 16.87% year-on-year (YoY) from AED 38.51 billion. 

Financials for Q4

In the fourth quarter (Q4) of 2023, the listed group recorded net profits attributable to the shareholders valued at AED 91 million, an annual plunge of 72% from AED 331 million.

Revenues enlarged by 105% to AED 3.56 billion in Q4-23 from AED 1.74 billion in Q4-22, while the EPS plummeted by 73% to AED 0.02 from AED 0.07.

On a quarterly basis, the Q4-23 profits retreated from AED 381 million in Q3-23, whereas the revenues shrank from AED 4.23 billion.