Abu Dhabi’s AD Ports Group, which is owned by sovereign wealth fund ADQ, posted a 41 percent year-on-year rise in net profit for the first quarter of 2022, as the company’s core businesses rebounded from supply chain bottlenecks. 

Total net profit for the period ended March 31, 2022 reached 306 million dirhams ($83 million), compared to 218 million dirhams a year ago, the company reported on Friday. 

Revenue rose 15 percent year-on-year to 1.047 billion dirhams, while adjusted EBITDA jumped 34 percent to 524 million dirhams. 

“The Group’s core businesses are rebounding from the supply chain disruptions of the recent period,” said Mohamed Juma Al Shamsi, Managing Director and Group CEO at AD Ports Group. 

Rated A+ by S&P, AD Ports has a portfolio of 10 ports and terminals and more than 550 square kilometres of economic zones. 

The company also reported a 23 percent year-on-year growth in container volumes, with Ro-Ro and cruise passenger volumes showing healthy recovery post COVID-19 disruption. 

Also during the quarter, the company’s new maritime business initiatives, such as feedering, transhipment, offshore logistics and supply, as well as vessel chartering services, grew by 167 percent, contributing around 168 million dirhams to total revenue. 

(Reporting by Cleofe Maceda; editing by Daniel Luiz )