AD Ports Group issues 2023 Annual Report
AD Ports Group today issued its 2023 Annual Report. The report highlights significant achievements for the Group that expanded its international footprint significantly in 2023, particularly following the integration of Noatum, a global logistics platform with a presence in 27 countries and a leader in automotive logistics services in Europe. Moreover, a series of ports, terminals, maritime and shipping agreements in Jordan, Egypt, Pakistan, Republic of Congo, Kazakhstan and Uzbekistan, supported doubling the Group’s revenue and extended its global reach to 46 countries.
AD Ports Group annual report details some of the major achievements, as well as acquisitions and agreements signed in 2023, that have extended the Group’s global reach.
The year began with the inauguration of the Aqaba Cruise Terminal, the first-of-its-kind facility in Jordan and concluded with the signing of a definitive 30-year concession agreement with the Red Sea Ports Authority (“RSPA”) for the development and operation of a multi-purpose terminal at Safaga Sea Port, a strategic location on the Red Sea coast of Egypt.
A key milestone in the Group’s international expansion strategy was the landmark 100% acquisition of Noatum, a global integrated logistics services provider with presence across all major global markets and trade lanes.
As part of the Group’s Africa Strategy and commitment to strategic development within emerging markets, it signed a 30-year extendable concession agreement to manage and operate a multipurpose terminal in Congo’s Pointe Noire Port.
AD Ports Group’s focus on replicating the company’s integrated business model in regions that offer long-term and sustainable growth prospects, was reflected in the signing of a 50-Year concession agreement with Karachi Port Trust for the development of a state-of-the-art container terminal. This is aimed at driving growth, promote trade diversification, and strengthen bilateral ties between the UAE and Pakistan.
Additionally, in response to the growing demands of the global offshore oil and gas market, 10 vessels were purchased that will bolster offshore operations in the Middle East and Southeast Asia. The year also saw a significant collaboration with Kazakhstan's national shipping company, KazMorTransFlot (KMTF), leading to the acquisition of two advanced vessels for transporting Kazakhstan's oil across the Caspian Sea. Today, the Group operates over 250 vessels across all service lines.
Financial highlights for 2023 included a revenue growth of 112% year-on-year to AED 11.7 billion. Results for the 12 months ending 31st December 2023 reported strong operational and financial performance with EBITDA increasing 23% YoY to AED 2.67 billion and total Net Profit reaching AED 1.4 billion in 2023, up 6% YoY.
