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Net profit of Abu Dhabi Ports Group more than doubled to 845 million dirhams ($230 million) in 2021, compared to 397 million dirhams in 2020.
The company’s revenue grew 14 percent year-on-year (y-o-y) to 3.9 billion dirhams compared with 3.4 billion dirhams in 2020, driven by volume growth, business diversification and new partnerships.
EBITDA came in at 1.6 billion dirhams during 2021, up from 1.5 dirhams billion in 2020, the company, which operates ports, logistics and industrial zones, said in a statement.
General cargo volumes rose to highest recorded annual levels achieved by AD Ports Group of 45 million metric tonnes in 2021, up from 30 million metric tonnes in 2020, while industrial zones leased 3 million sqm of land during the period.
Container throughput grew to 3.4 million TEUs (twenty-foot equivalent units) in 2021, up from 3.2 million TEUs in 2020, “despite the ongoing supply constraints faced in the global shipping and container market”.
AD Ports raised 4 billion dirhams in proceeds from its primary issuance and listed its shares on the Abu Dhabi Securities Exchange (ADX) on Tuesday.
(Reporting by Brinda Darasha; editing by Seban Scaria)
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