The AD Ports Group (AD Ports) has released its 2023 annual report, highlighting a revenue growth of 112 per cent year-on-year to AED 11.7 billion ($3.2 billion).
The results for the 12 months ended 31 December 2023 showed outstanding operational and financial success, with EBITDA growing 23 per cent YoY to AED 2.67 billion ($727 million) and total net profit reaching AED 1.4 billion ($381 million) in 2023, up 6 per cent YoY.
The global shipping sector had a mixed year in 2023, with a return to normalised shipping prices across several segments, amid uneven supply-demand dynamics.
According to AD Ports, while the tanker, offshore, bulk, and RoRo segments performed well last year, aided by China’s reopening and a 3 per cent increase in global trade volumes, the container market struggled, with rates softening due to a gradual regularisation of supply chains post-COVID-19 and an increase in vessel fleet supply.
The company noted that the shipping and logistics sectors will continue to evolve in response to the post-pandemic shift from “just-in-time” to “just-in-case” strategies.
This evolution is driven by new trade and investment policies, national security concerns, and the move towards supply chain regionalisation and localisation.
READ: AD Ports achieves threefold revenue growth to $1.15 billion
Commenting on the report,Falah Al Ahbabi, Chairman of AD Ports Group, said: “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.
“In a year of rising global market uncertainty, the Group’s record revenue and profits underlined, once again, its resilience and core strength, as well as its value to shareholders.”
READ: AD Ports records 116 per cent revenue growth as 2023 closes
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “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.
“Moving forward into 2024, we plan to continue in delivering value to our customers, shareholders and the communities we serve.”
In February, AD Ports reported its preliminary financial results for the 12 months, reporting a year-on-year (YoY)112 per centincrease to AED 11.68 billion ($3 billion).
