AD Ports Group reported a 3% y-o-y increase in net income to AED 310 mn in 2Q 2023 as the company paid off expansion-related debt and incurred additional costs related to deployment of new assets, according to its latest financials (pdf). Revenues also rose 66% y-o-y to AED 2.1 bn during the quarter, driven by strong performance in its maritime, ports, and digital clusters, as well as acquisitions, according to its earnings release. AD Ports reported an increase of 10.9% y-o-y in net income to AED 672.6 mn for 1H 2023, Revenue for 1H 2023 increased by 69.4% y-o-y to AED 3.8 bn.

The breakdown: The company’s maritime cluster saw revenues soar 208% y-o-y to AED 1.2 bn during the quarter, mainly on the back of improvement in container, bulk, and offshore logistics and services business segments. Its ports cluster also reported 22% y-o-y revenue growth, as container volumes rose 10% y-o-y to 1.21 mn TEUs and as a new 50-year concession agreement for a terminal at Karachi Port began to contribute to earnings. The logistics cluster saw revenues inch up 3% y-o-y to AED 127 mn, while the digital cluster saw revenues rise 26% y-o-y to AED 117 mn.

On the downside: The economic cities and freezones cluster reported a 10% y-o-y decline to AED 441 mn due to lower usage of its Razeen staff accommodation, which last year was used as a Covid-19 isolation and quarantine facilities.

OTHER EARNINGS NEWS-

Emirati low-cost airline Air Arabia recorded a 187% y-o-y surge in net income to AED 459 mn in 2Q 2023, according to an earnings release. Its sales during the period rose 25% y-o-y to AED 1.4 bn. The airline saw a 78% y-o-y increase in net profit to AED 801 mn in 1H 2023, whilst revenues rose 26% y-o-y to AED 2.8 bn. The positive results came off the back of the airline’s “strategic expansion plan by strengthening the fleet size, adding new routes and new frequencies across all seven operating hubs,” said Chairman of Air Arabia Abdullah Bin Mohamed Al Thani.

Regional agro-food firm Invictus Investment Company recorded AED 136 mn in net income in 1H 2023, reporting substantial growth and market diversification, according to a press release. The company's revenues rose 30% y-o-y to AED 4.2 bn. The company’s Middle Eastern operations generated AED 1.2 bn, with sales up 173% y-o-y.

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