Contribution from new partnerships and business lines saw AD Ports report a 15 percent growth in revenue to AED 1.05 billion ($270 million) for the quarter ended March 31, 2022 compared to AED 910 million ($246 million) during the same period last year.
Adjusted EBITDA for the period increased 34 percent year-on-year to AED 524 million ($141 million). Adjusted EBITDA benefitted from a one-off gain of AED 73 million ($20 million) from the sale of a purpose-built warehouse to a strategic customer, according to an official statement.
"We started 2022 with a strong performance that has delivered healthy returns for our stakeholders," says Captain Mohamed Juma Al Shamsi, Managing Director and Group CEO, AD Ports Group. "The Group's core businesses are rebounding from the supply chain disruptions of the recent period while our dynamic new ventures are yielding positive results. Our integrated business model, built upon a firm foundation of long-term contracts and enhanced service offerings, continues to drive growth. We are resolute in our commitment to contribute to the UAE's economic development."
While container volumes grew by 23 percent year-on-year, general cargo volumes decreased 10 percent year-on-year when adjusted for one-off temporary projects.
AD Ports Group signed a record 3.2 sq.km of new land leases during the period, more than the annual land leases signed in either 2021 or 2020, the statement added.