AD Ports Group reported a 53 percent increase in revenue in the third quarter to AED 1.5 billion ($405 million), driven by strong growth in its maritime operations and robust performance of its economic cities & free zones (EC&FZ) cluster.

EBITDA increased 52 percent to AED 594 million ($160 million) in Q32022 implying an EBITDA margin of 40.5 percent. Net profit rose 77 percent year-on-year to AED 334 million ($90 million).

“AD Ports Group continued its ambitious organic revenue-generating CapEx program with spending of AED 1.6 billion in Q32022 and AED 4.2 billion for 9M 2022,” said an official press release.

After the expansion of ADT and CSP Abu Dhabi Terminals in 2021, the volume of port cluster containers increased by 31 percent due to increased capacity.

“One of the key highlights of the period was the announcement of the acquisition of an 80 percent stake in Dubai-based Global Feeder Shipping (GFS), a global container shipping company, for AED 2.9 billion ($800 million), which a 100 percent enterprise value of AED 3.7 billion ($1 billion) GFS is the third largest feeder shipping company in the world with an operational capacity of 72,500 TEUs, a total of 26 vessels and 9,000 owned and 31,000 operated containers in its feeder and NVOCC operations operates an extensive service network of 20 services in the GCC, the Red Sea, the Indian subcontinent and South East Asia.

“Upon completion, the acquisition, the largest to date by AD Ports Group, will position AD Ports Group as the largest pure feeder operator in the region and the third largest in the world in terms of container capacity, amounting to nearly 100,000 TEU. provides a complementary asset base and portfolio of services that will increase AD Ports Group's regional and global footprint."

In September, AD Ports Group also completed the acquisition of a 70 percent stake in Egypt's wholly-owned International Associated Cargo Carrier (IACC) in Egypt, which fully owns Transmar and TCI, for an enterprise value of AED 514 million ($140 million), it said. in the publication.

“These remarkable results demonstrate the effectiveness and impact of our ambitious growth strategy as we seek new opportunities, even in challenging global market conditions,” said Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group. “We have pursued joint ventures and acquisitions that have strengthened the supply chain along key routes, accelerated trade and built resilience for customers around the world. These new ventures have played a key role in expanding our service offerings, providing customers with able to support every stage of their business journey, and achieve exponential growth in our maritime business in particular.”

“We are successfully executing a three-phase growth strategy with clear objectives and deliverables, consolidating our position as a leader in logistics and trade services in Abu Dhabi and the UAE; through customer-focused regional expansion along critical trade routes and through targeted service launches. and expand globally in key maritime and domestic supply chains. We can provide confidence in medium-term visibility that will deliver positive strong revenue, EBITDA and earnings growth for the next five years."

For the first nine months, revenue increased 35 percent to AED 3.8 billion ($1 billion), EBITDA increased 41 percent to AED 1.6 billion ($432 million) and net profit increased 58 percent to AED 941 million ( $254 million).