770 million dirhams profits of Abu Dhabi Ports in the first...

770 million dirhams profits of Abu Dhabi Ports in the first...
770 million dirhams profits of Abu Dhabi Ports in the first...
Abu Dhabi: «The Gulf»

Abu Dhabi Ports Group announced its financial results for the first half of the year ending June 30, 2021; Where it recorded a growth rate of 21% in revenues compared to the same period last year, reaching 1.83 billion dirhams, compared to 1.51 billion in the corresponding first half.

This rise is due to growth in productivity and sales, diversification into new business sectors, leasing additional space, and concluding new partnerships.

EBITDA also recorded a growth of 8% from 714 million dirhams in the first half of 2020 to 770 million dirhams in the first half of 2021, thanks to the significant growth in most of the business of the group’s sectors.

long term contracts

Captain Mohamed Juma Al Shamsi, CEO – Abu Dhabi Ports Group, said: “We are committed to developing and diversifying the economy of the Emirate of Abu Dhabi and the UAE in line with the directives of the wise leadership. To contribute to achieving reliable future returns.”

He added: “We will continue to focus on expanding our customer base in all our business sectors; Long-term contracts are the most important component of our business, which ensures stable and sustainable revenue.”

In terms of cargo, the volumes handled increased from 15 million tons during the first half of 2020 to 25 million tons in the first half of 2021, while the number of containers handled increased from 1.57 million to 1.59 million TEUs during the period. The same, the industrial zones witnessed the leasing of areas amounting to about 2.4 million square meters during the first half of 2021.

In terms of capital, Abu Dhabi Ports succeeded during the period in issuing bonds (received a credit rating of (A+) with a stable outlook by “S&P” and “Fitch”) with a value of 3.67 billion dirhams, equivalent to one billion dollars at the lowest level. The value of bond vouchers realized by a government authority in Abu Dhabi up to that date, and listing on the London Stock Exchange and the Abu Dhabi Stock Exchange in May 2021.

Notable achievements during the said period included the official opening of the expansion of the container terminal in the Port of Fujairah in June 2021.

tangible revenue

Martin Arup, Chief Financial Officer – Abu Dhabi Ports Group, said: “Our business model is based on long-term contracts that generate secured cash flow, allowing us to plan and invest effectively. In the wake of the “Covid-19” pandemic, we focus on achieving tangible returns and effectively managing the group’s capital. In this context, the group’s invested capital increased from 19.4 billion dirhams, to 22.4 billion dirhams in 2021; This is in line with our expansion strategy.”

During the period, the group witnessed a slight decrease in the return on invested capital to reach 5.04%; This is due to the increase in capital that was invested throughout the group’s portfolio, especially in ports and industrial areas, which will achieve growing returns in the coming period.

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