AD Ports Group has unveiled its preliminary financial results for the previous year (January-December 2023).
In the previous year, AD Ports reported that revenue experienced a remarkable surge of 112% year-on-year (yoy) reaching US$3.18 billion, with Q4 2023 witnessing a notable 105% yoy increase to US$978 million.
Additionally, the Group’s EBITDA displayed a 23% yoy growth to US$726 million for the full year, while Q4 2023 saw a flat performance at US$149 million, primarily due to extraordinary one-off items. Despite this, the EBITDA margin stood at 22.8% for the year, significantly improving from 14.7% in the fourth quarter of 2023.
Furthermore, AD Ports Grup’s total net profit for 2023 amounted to US$370 million, reflecting a 6% yoy increase. However, Q4 2023 witnessed a decline of 17% yoy to US$76 million, mainly attributable to extraordinary one-off items.
Meanwhile, AD Ports experienced significant operational growth with the overall container throughput reaching 4.91 million TEUs, marking a 13% increase compared to 2022 figures.
Specifically, in the fourth quarter of 2023, box throughput reached 1.25 million TEUs, up by 7% yoy. This growth was driven by a higher overall utilization rate of 54% in 2023, compared to 51% in 2022, with AD Ports’ flagship Khalifa Port recorded a utilization rate of 58%, up from 55% the previous year.
Moreover, general cargo volumes saw a substantial rise, reaching 40 million tonnes in 2023, reflecting a 26% increase compared to 31.7 million tonnes in 2022.
“Our focus on expanding our infrastructure and enhancing operational efficiencies continues to set a new benchmark for excellence in the maritime and logistics sector. This steadfast approach, guided by the vision of the UAE’s wise leaders, has led us to contribute significantly to the economic diversification and industrial advancement of our nation,” commented Captain Mohamed Juma Al Shamisi, managing director and CEO of AD Ports Group.
Summarised Consolidated Financial Results
