AD Ports Group revenue increases to $3.18 billion in 2023
AD Ports Group has reported outstanding operational and financial performance for the full year ending December 31, 2023. The Group's revenue skyrocketed, more than doubling year-on-year (YoY) to AED 11.68 billion ($3.18 billion), marking a significant 112% increase, according to the company's release.
Additionally, earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 23% year-on-year to $727 million in 2023, with a robust EBITDA margin of 22.8%.
EBITDA increased by 23% year-on-year to $727 million in 2023, with an EBITDA margin of 22.8%. Profit Before Tax reached $384 million in 2023, reflecting a 10% year-on-year increase. Total Net Profit amounted to $369 million in 2023, indicating a 6% year-on-year increase. Net Profit Attributable to Owners reached $298 million in 2023, despite a 13% year-on-year decrease, primarily due to extraordinary one-off items. The Group spent $1.24 billion on growth capital expenditure (CapEx) in 2023, as part of its organic capital investment plans.
Container throughput in ports reached 4.91 million Twenty-foot Equivalent Units (TEUs) in 2023, marking a 13% year-on-year growth. General cargo volumes rose by 26% year-on-year to reach 40.0 million tonnes in 2023. Ro-Ro volumes increased almost fourfold year-on-year to 777,000 vehicles. Economic Cities & Free Zones (EC&FZ) signed 5.0 sq km of gross new leases in 2023. The Maritime & Shipping Cluster recorded strong operational growth across all indicators in 2023.
After the 2023 fiscal year-end, AD Ports Group completed the acquisition of Global Feeder Shipping (GFS), positioning itself as the largest pure feeder operator in the region.
