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UAE's AD Ports Group, which saw its Q3 2022 net profit soar 77% year-on-year (YoY), said it sees strong revenue and profit growth over the next five years as it ramps up regional expansion along critical trade routes.
Net profit came in at 334 million dirhams ($91 million) while revenue grew 53% YoY to AED1.47 billion driven by its Maritime, and Economic Cities & Free Zones (EC&FZ) clusters, the ADX-listed company said in a regulatory disclosure on Tuesday.
Capital expenditure was AED1.6 billion in Q3 as the logistics company pushed ahead with revenue generating investments.
Ross Thompson, Group Chief Strategy and Growth Officer, AD Ports Group, said: “Globally, we can see signs of economic recession and a slowing of international trade, but our operations are thriving in markets and along routes that still show tremendous capacity for growth, particularly in the MENA region, along the Red Sea coast, and the Indian subcontinent."
The company was planning regional expansion along critical trade routes and across major global maritime and inland supply chains. "We can offer confident medium-term visibility that will see positive strong revenue, EBITDA and profit growth for the next five years.”
(Writing by Brinda Darasha; editing by Seban Scaria)
