{"id":70836,"date":"2023-05-17T00:00:00","date_gmt":"2023-05-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/17\/ad-ports-reports-surge-in-income-in-1q-2023\/"},"modified":"2023-05-17T00:00:00","modified_gmt":"2023-05-17T00:00:00","slug":"ad-ports-reports-surge-in-income-in-1q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/17\/ad-ports-reports-surge-in-income-in-1q-2023\/","title":{"rendered":"AD Ports reports surge in income in 1Q 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The<\/span><span style=\"font-weight:700\">UAE\u2019s <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.adportsgroup.com\/en\" style=\"\">AD Ports Group<\/a><\/span><span style=\"font-weight:700\"> saw its net income grow<\/span><span style=\"font-weight:700\"> 18% y-o-y to AED 363 mn in <\/span><span style=\"font-weight:700\">1Q 2023<\/span><span style=\"\">, according to the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2023\/05\/15\/adpg-builds-on-full-year-2022-momentum-delivering-year-on-year-revenue-growth-in-q1-2023\" style=\"\">earnings release<\/a><\/span><span style=\"font-weight:400;\">. Group revenues surged by 73% y-o-y to AED 1.8 bn in the same period. The strong performance of its maritime, economic cities and freezones, and ports clusters \u2014 along with new acquisitions made in FY2022 and Q1 2023 \u2014 were the main drivers behind the surge in revenues, the company said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Breakdown: <\/span><span style=\"\">The maritime cluster recorded a 259% y-o-y spike in revenues to AED 915 mn on the back of capacity increases, wider service offerings and boosted activity in new business segments, which include marine, feeder and offshore services. Its performance was also buoyed by new acquisitions made \u2014 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.divetechuae.com\/\" style=\"\">Divetech<\/a><\/span><span style=\"\">, ASCL, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.safeen.ae\/\" style=\"\">Safeen Subsea<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.transmar.com\/\" style=\"\">Transmar<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tciegypt.com\/\" style=\"\">TCI<\/a><\/span><span style=\"\"> \u2014 accounting for 30% of maritime cluster revenues for the quarter. The economic cities and freezone cluster\u2019s topline also grew 13% y-o-y to AED 429 mn, fueled by previously signed leases, higher utilities revenues and the Al Eskan Al Jamae <\/span><span style=\"\">(<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/eskanuae.com\/\" style=\"\">EAJ<\/a><\/span><span style=\"\">) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/2b7dc3d8-2335-4ccf-8f53-7da96131cbb9\" style=\"\">merger<\/a><\/span><span style=\"\">. <\/span><span style=\"font-weight:400;\">The ports cluster also recorded a 24% y-o-y spike in revenues to AED 314 mn in 1Q 2023 \u2014 driven by an 18% y-o-y in container volumes on the back of gradual recovery from covid-19 and supply chain disruptions on top of higher container utilization rates. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The logistics cluster went against the trend with revenues falling 3% y-o-y to AED 139 mn in 1Q 2023<\/span><span style=\"font-weight:400;\">, due to the temporary maintenance shutdown of a \u201cstrategic customer\u2019s\u201d production plant, and the end of its covid-19 vaccine delivery business. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Looking ahead: <\/span><span style=\"\">The company plans on completing its 100% acquisition of logistics service provider Noatum by 2Q 2023, as well as finalizing the purchase of an 80% equity stake in Dubai-based container shipping company Global Feeder Shipping by 3Q 2023, increasing its global footprint in its logistics and freight forwarding business. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New acquisitions, along with strong performance across ports, maritime and freezone divisions, drove growth<\/p>\n","protected":false},"author":1,"featured_media":70837,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[168,174,17,549],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-ad-ports","tag-earnings-watch","tag-enterprise-logistics","tag-port","wpautop","entry"],"acf":{"mongo_id":"987696ea-d3c3-47ef-973b-a6e01b097c33","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/899.jpg","photo_position":"above","homepage_title":"","full_issue_title":"AD Ports reports surge in income in 1Q 2023","related_issue":[70825],"teaser":"New acquisitions, along with strong performance across ports, maritime and freezone divisions, drove growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.e4b9cdde-c7a4-4757-b7ba-7a6ca84f083a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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