The following release was published by AD Ports Group:
In a transformative year marked by unprecedented global expansion and strategic acquisitions, AD Ports Group (ADX: ADPORTS) has further cemented its position as one of the world’s leading facilitators of global trade and logistics. The year has been pivotal in enhancing the Group’s connectivity, capacity, and international presence, underscoring a commitment to drive sustainable innovation and excellence across the global trade and logistics sector.
The year began with the inauguration of the Aqaba Cruise Terminal, the first-of-its-kind facility in Jordan and concluded with the signing of a definitive concession agreement with the Red Sea Ports Authority (“RSPA”) for the development and operation of a multi-purpose terminal at Safaga Sea Port.
Furthermore, 2023 saw AD Ports Group strengthen its global footprint through strategic agreements and partnerships. As part of the Group’s Africa Strategy and commitment to strategic development within emerging markets, it signed a 30-year extendable concession agreement to manage and operate a multipurpose terminal in Congo’s Pointe Noire Port.
The year also saw AD Ports Group take significant financial strides investing in future growth, including securing a USD 2 billion corporate facility with a syndicate of 13 banks in April 2023. The demand for the facility was overwhelming, demonstrating the confidence that the banking sector has in AD Ports Group’s financial health and future prospects. During the nine months of 2023, the Group’s revenue grew by 116% YoY to AED 8.11 billion, EBITDA grew 30% YoY to AED 2.14 billion and Net Profit grew 14% YoY to AED 1.07 billion.
A key milestone in the Group’s international expansion strategy was the landmark acquisition of 100% of Noatum, a global integrated logistics services provider with presence across all major global markets and trade lanes. The transformative acquisition brought together two major industry players, each with its strengths and capabilities, to form a global powerhouse in the trade and logistics space.
AD Ports Group’s focus on investing in key maritime trade routes for the UAE, while replicating the company’s integrated business model in regions that offer long-term and sustainable growth prospects, was reflected in the signing of a 50-Year concession agreement with Karachi Port Trust for the development of a state-of-the-art container terminal. Under the terms of the 50-year concession agreement, the Joint Venture will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026, which aims to drive growth, promote trade diversification, and strengthen bilateral ties between the UAE and Pakistan.
PORTS
2023 was a year of achievements and continued growth for the Ports Cluster with higher contribution to the overall revenue growth and profitability of AD Ports Group.
The beginning of the year witnessed the entry of the Ports Cluster to the Guinness Book of Records. The Khalifa Port team assembled 676 containers in the shape of AD Ports Group's logo at its South Quay to earn the new Guinness World Records™ title. This record nearly doubled the previous standard, set by Singapore’s Tanjong Pagar Terminal in 2017 with 359 containers. The beginning of the year also witnessed the inauguration of the Aqaba Cruise Terminal, a major stop for cruise passengers visiting Jordan.
The Ports Cluster continued throughout the year its regional expansion with the signing of a 30-year extendable concession agreement to manage and operate a multipurpose terminal in Congo’s Pointe Noire Port, and the signing of a 50-year concession agreement in Pakistan to manage, operate, and develop the Karachi Gateway Terminal Limited (KGTL), inclusive of berths 6-10, at Karachi Port’s East Wharf. As part of the agreement, the Ports Cluster will work on significant investments in infrastructure and superstructure over the next 10 years, that will include deepening of berths, extension of quay walls, and an increase in container storage area.
In Egypt, the Ports Cluster will be expanding its operations in the country following the signing of an agreement with the Red Sea Ports Authority in late 2023. A 30-year concession agreement will allow the development and operation of a multi-purpose terminal at Safaga Port, a strategic location on the Red Sea coast of Egypt.
Furthermore, Abu Dhabi Cruise Terminal was named the World’s and the Middle East’s Best Cruise Terminal for the year in the prestigious World Cruise Awards.
Source: AD Ports Group