RIYADH: Shares in Abu Dhabi Ports surged 17 percent on its market debut on Abu Dhabi’s stock exchange, ADX.
The stock price of the company, known to be one of the leading logistics facilitators in the region, reached 3.75 dirhams ($1.02) on Tuesday, according to Bloomberg.
Even as the shipping sector got hit by supply chain snags, the Abu Dhabi-based port operator earlier struck a billion-dollar initial public offering, raising 4 billion dirhams.
A total of 1.25 million shares of the company, which is owned by the Abu Dhabi sovereign wealth fund, were sold in the intial public offering.
Following the listing, Reuters reported that AD Ports plans to establish trade corridors between the UAE and the Middle East, the subcontinent, and Africa.
Separately, the company has seen its 2021 revenue soar 14 percent year-on-year to 3.9 billion dirhams, Emirates News Agency, WAM, reported.
It reported strong net profit for the year, standing at 845 million dirhams, against 397 million a year earlier.
"AD Ports Group benefits from our well-balanced capital structure, investment-grade credit ratings, and stable long-term cash flows,” said the group’s chief financial officer, Martin Aarup, commenting on the results.
This came amid the rise of COVID-19 which led to global supply bottlenecks, posing difficulties to shipping companies and hindering international trade.
A major Dubai-based port operator said it anticipates supply chain disruptions to last no less than two more years, Bloomberg reported in October.
