Abu Dhabi Ports Group has announced a 50% increase in its net profit for 2022, reaching AED 1.27bn ($345.8m), up from AED 854m in 2021. The company reported that this increase in net profit is mainly driven by its maritime business, which has seen its revenue grow 256% to AED 2.16bn in 2022, and new acquisitions.
The growth in the maritime cluster has been due to increased activity in new business segments, including feedering, chartering, transshipment, and offshore services. The division added four new companies in 2022, which are expected to continue supporting the cluster's growth going forward. Meanwhile, revenue for the ports cluster grew 7% to AED 1.13bn.
Why it matters
AD Ports Group, which runs 10 ports in the UAE, is expanding globally, recently partnering with Kazakhstan's state energy firm and the Angolan government. The partnership with Kazakhstan is to develop a national marine fleet and coastal infrastructure in the Caspian and Black Seas. While the agreement with Angola is a framework deal that will look at logistics, passenger terminals, a maritime academy, and the Caio Deepwater Terminal.