AD Ports Group announced its financial results for the second quarter of 2023, reporting revenue growth of 66% year-on-year to US$570,000.
This significant increase was driven by volume growth in key sectors, business diversification as well as local, regional, and international expansion both organically and through merges and acquisitions, said the company.
Additionally, AD Ports Group Q2 2023 EBITDA rose by 29% to US$187 million, mainly driven by Maritime, Digital, and Ports Clusters as well as acquisitions.
"Change in the revenue mix, lower share of profits from JVs and associates, and ramp-up/one-off costs associated with new businesses resulted in a normalisation of EBITDA margin to 33.3% for the quarter vs. 38.5% in Q2 2022," commented the company.
Furthermore, AD Ports achieved a 3% growth in its total net profit reaching US$84.5 million in the second quarter of the year. For the same period, the Group’s net operating cash flows continued to improve to US$138 million, while Capital Expenditures (CapEx) reached US$490,000 as per plan.
Captain Mohamed Juma Al Shamisi, managing director and Group CEO of AD Ports Group, stated, "I am delighted with our strong financial performance for Q2 2023. With a remarkable 66% YoY revenue growth to AED 2.1 billion, we are successfully executing our diversification strategy and leveraging synergies from our recent acquisitions, paving the way for continued growth and value creation for our stakeholders, driven by the support of our wise leadership"
