RIYADH: Driven by the expansion of its maritime business, Abu Dhabi Ports Group reported a 50 percent increase in its 2022 net profit. 

The figure rose to 1.27 billion dirhams ($345.8 million), up from 854 million dirhams in 2021, the company said in a filing to the Abu Dhabi Securities Exchange. 

Revenue grew 41 percent annually to 5.52 billion dirhams, “mainly driven by the maritime cluster and effect from new acquisitions,” AD Ports said. 

On a like-for-like basis, excluding mergers and acquisitions activity during the year, revenue growth reached 23 percent. 

The division’s annual revenue growth of 256 percent to 2.16 billion dirhams in 2022 was driven by a wider service offering and increased activity in new business segments, including feedering, chartering, transshipment and offshore services. 

The maritime cluster also added four new companies last year – Divetech Marine Engineering Services, Alligator Shipping Container Line, Transmar and Safeen Surveys and Subsea Services. 

These new businesses are “expected to continue to support the cluster’s growth going forward,” AD Ports noted. 

In 2022, earnings before interest, taxes, depreciation and amortization increased 37 percent on an annual basis to 2.19 billion dirhams, implying an EBITDA margin of about 40 percent, AD Ports said. 

Key contributions to EBITDA growth came from the maritime, ports and digital clusters. 

Revenue for the ports cluster grew by 7 percent annually to 1.13 billion dirhams in 2022, backed by a “healthy product mix, as well as revenue from the acquisition of TCI, one of the two entities under IACC, Egypt,” AD Ports said. 

Digital cluster revenue rose 11 percent annually to 400 million dirhams in 2022. 

Meanwhile, the logistics cluster registered a 12 percent annual decline in revenue to 532 million dirhams. 

Cash flow from operations more than doubled last year to 1.6 billion dirhams while assets grew by about 37 percent annually to 38.52 billion dirhams at the end of December.

“The group’s remarkable financial and operational performance was driven by our Maritime and Ports Clusters’ results, coupled with strategic investments, new joint ventures, partnerships and acquisitions that enabled us to expand our geographic footprint, our services and offerings as well as enhance our position as a major player in global trade and logistics,” said Mohamed Juma Al Shamisi, managing director and group CEO, AD Ports Group.