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AD Ports Group exceeds US$3 billion revenue in 2023

In 2023, AD Ports Group's financial achievements were evident, highlighted by a remarkable revenue surge of 112% year-on-year, reaching US$3.2 billion.

The yearly performance showcased robust operational and financial progress, with EBITDA climbing by 23% year-on-year to US$730 million. Furthermore, the total net profit for 2023 stood at US$380 million, marking a 6% increase compared to the previous year.

In 2023, the global shipping industry saw a mixed performance, marked by a return to normalized rates in various sectors alongside challenges in the container market. Positive trends were observed in tanker, offshore, bulk, and Ro-Ro segments, driven by China's reopening and increased global trade volumes, according to AD Ports' statement.

Despite these successes, the container market faced softening rates due to post-Covid supply chain adjustments and a rise in vessel fleet supply. Nonetheless, the industry remained 33% above its 10-year trend, with notable strength in energy shipping and offshore sectors. AD Ports Group said it emerged as a key player, leveraging its diversified logistics footprint to navigate market shifts and support supply chain reconfiguration.

The company noted that the shipping and logistics sectors are poised for transformation, shifting towards "just-in-case" strategies post-pandemic. This evolution, driven by new trade policies and digitalization, emphasizes regionalization and localization of supply chains.

"Through bold, value-enhancing acquisitions, and strategic expansions in the
Arabian Gulf, Red Sea, Caspian Sea, Africa, and around the world, AD Ports Group
in 2023 transformed into a world-class facilitator of global trade and logistics, in line
with the economic diversification objectives set by the UAE’s visionary leadership," stated Falah Al Ahbabi, chairman of AD Ports Group.

AD Ports Group is strategically positioned to capitalize on these changes, evidenced by its milestone achievements in 2023. From inaugurating the Aqaba Cruise Terminal to signing significant agreements for port development in Egypt, Congo, and Pakistan, the Group demonstrates a commitment to expanding its integrated business model globally while promoting trade diversification and strengthening bilateral ties.

"2023 was one of the most dynamic periods of growth in the history of AD Ports Group. We expanded our maritime, shipping and ports footprint into Jordan, Egypt, Pakistan, the Republic of the Congo, Uzbekistan, and Kazakhstan, and in addition, we transformed our logistics business by acquiring Noatum, an integrated provider active in 27 countries and a leading in the automotive logistics sector in Europe," commented Capt. Mohamed Juma Al Shamisi, managing director and group CEO, AD Ports Group.

Moreover, to meet the increasing needs of the global offshore oil and gas sector, the acquisition of 10 vessels was undertaken to enhance offshore operations in both the Middle East and Southeast Asia. Notably, a substantial partnership with Kazakhstan's national shipping company, KazMorTransFlot (KMTF), resulted in the acquisition of two advanced vessels dedicated to transporting Kazakhstan's oil across the Caspian Sea. Presently, the Group boasts a fleet exceeding 250 vessels across all its service domains.

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