Officials during the bell ringing ceremony at ADX marking the listing of AD Ports Group shares.
AD Ports Group on Tuesday announced its 2021 financial results based on preliminary, unaudited financials for the 12 months ended Dec.31, 2021, reporting revenue growth of 14 per cent year-on-year to Dhs3.9 billion compared with Dhs3.4 billion in 2020, driven by volume growth, business diversification and new partnerships.
Earnings Before Interest, Taxes, Depreciation and Amortisation (Ebitda), on a reported basis, rose to Dhs1.6 billion during 2021, up from Dhs1.5 billion in 2020.
Net Profit reached Dhs845 million in 2021 from Dhs397 million in 2020.
As of Dec.31, 2021, the total assets of the Group stood at Dhs28.5 billion, while the equity increased to Dhs10.7 billion. These do not reflect recent events in 2022 that increased total assets and equity. In January 2022, the Group received ownership stakes from ADQ in two listed companies comprising a 22.32 per cent stake in logistics firm Aramex PJSC (Aramex) and a 10 per cent stake in UAE-based contractor National Marine Dredging Company (NMDC).
The combined market value of these stakes was approximately Dhs2.4 billion based on the closing price of Aramex and NMDC shares on 7th February 2022. Additionally, in February 2022, the Group raised equity of Dhs4.0 billion through a pre-listing primary issuance. AD Ports Group received credit ratings of A+ by S&P and A+ by Fitch in 2021.
Meanwhile following the announcement of the listing of its shares on the primary market of the Abu Dhabi Securities Exchange (ADX), AD Ports Group on Tuesday commemorated its landmark achievement with an official bell ringing ceremony. The shares began trading on ADX on Tuesday under the ticker symbol “ADPORTS”.
The ringing of the bell was conducted by Falah Mohammed Al Ahbabi, Chairman of AD Ports Group; Hisham Khalid Tawfiq Abdulkhaliq Malak, Chairman, ADX; Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group; and Saeed Al Dhaheri, Managing Director and Chief Executive Officer of ADX.
Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “We are pleased to see that our continued efforts to drive the growth of trade and industry across the UAE and beyond have achieved another key milestone with the official start of trading of AD Ports Group’s shares on the Abu Dhabi Securities Exchange.
“Rising to meet the challenges faced by global markets in recent years, AD Ports Group has emerged as a resilient entity that not only continues to expand in terms of size and capabilities, but which has also influenced transformation and the adoption of innovation.
“And now, as a publicly listed company, we welcome new shareholders in joining us on our remarkable journey to develop the maritime and logistics industries across the region and globally.”
Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer, ADX, said: “We are pleased to welcome Abu Dhabi Ports Group on the Abu Dhabi Securities Exchange, the second listing of 2022. The listing of AD Ports on ADX follows a robust pipeline of listings and new products that we introduced in 2021. As part of our ‘ADX One’ we will continue to encourage the listings pipeline to enhance our dynamic capital market.”
Ahead of the listing, AD Ports Group raised Dhs4 billion through a primary issuance. The proceeds will be used to fund organic and inorganic growth plans, allowing AD Ports Group to accelerate its local and international expansion plans. Accordingly, ADQ, an Abu Dhabi-based investment and holding company with a broad portfolio of enterprises, remains a majority shareholder with 75.44 per cent ownership in the listed entity.
The listing of AD Ports Group’s shares and the bell ringing ceremony followed ADQ’s recent transfer of ownership of stakes for two of the UAE’s leading enterprises. The AD Ports Group now have a 22.32 per cent ownership of Aramex (Aramex) and a 10 per cent ownership of the National Marine Dredging Company (NMDC).
ADX trading value (buy + sell) jumped five-fold Dhs 739 billion in 2021 versus Dhs145.6 billion (buy + sell) in 2020 while net foreign investment soared more than seven fold to Dhs15.3 billion compared to Dhs2 billion in the same timeframe. The exchange’s benchmark equity index increased 64 per cent by end 2021.
Falah Mohammed Al Ahbabi, Chairman of AD Ports Group, said, “These excellent results demonstrate that AD Ports Group has consolidated our leadership position when global trade and supply chains have experienced many challenges. Buoyed by our culture of innovation and our key strategic partnerships with global companies, we continue to deliver robust results and maintain our positive momentum. These results were possible thanks to the direction of our wise leadership and for their unwavering support for our endeavours to drive the economic growth, diversification, and industrialisation of the UAE.”
Captain Mohamed Juma Al Shamsi, Group CEO, AD Ports Group, said, “AD Ports Group delivered strong growth in 2021, driven by excellent performance across our business. Our Ports and Economic Cities continue to deliver excellent returns, while the expansion of our logistics services and growth in shipping also made a significant contribution.
“As we continue to build the knowledge and expertise required to take our business to the next level and utilise the Dhs4 billion in cash proceeds from the pre-listing issuance this month, we believe that the Group is well-positioned to accelerate its local and international expansion plans in 2022 and beyond with transformational impact across a broad range of industries.”
Operational highlights from 2021 included signing of a 35-year concession with CMA terminals to build a new container terminal in Khalifa Port with a total JV investment of Dhs565 million; strategic collaboration agreement with Turkey’s sovereign wealth fund, Turkiye Varlik Fonu, to explore major investment opportunities within Turkey; and a series of agreements with the Aqaba Development Corporation to support the development of tourism, logistics, transport, and digital infrastructure within Aqaba in Jordan.