Thanks to the contribution of new partnerships and business lines, AD Ports reported revenue growth of 15 percent to AED 1.05 billion ($270 million) for the quarter ended March 31, 2022, compared to AED 910 million ($246 million) in the same period last year .

Adjusted EBITDA for the period increased 34 percent year over year to AED 524 million ($141 million). Adjusted EBITDA benefited from a one-time gain of AED 73 million ($20 million) from the sale of a purpose-built warehouse to a strategic customer, according to an official statement.

“We started 2022 with a strong performance that has delivered healthy returns for our stakeholders,” said Captain Mohamed Juma Al Shamsi, Managing Director and Group CEO, AD Ports Group. “The Group's core businesses are recovering from the supply chain disruptions of recent times, while our dynamic new ventures are delivering positive results. Our integrated business model, built on a solid foundation of long-term contracts and improved service offerings, continues to drive growth We are committed to contribute to the economic development of the UAE."

While container volumes grew 23 percent year-on-year, general cargo volumes declined 10 percent year-on-year, adjusted for one-off temporary projects.

AD Ports Group signed a record 3.2 square kilometers of new land leases during the period, more than annual land leases signed in 2021 or 2020, the statement said.