AD Ports Group releases its 2023 Annual Report

AD Ports Group on Monday issued its 2023 Annual Report. The Group expanded its international footprint significantly in 2023, particularly following the integration of Noatum, a global logistics platform with a presence in 27 countries and a leader in automotive logistics services in Europe.

Moreover, a series of ports, terminals, maritime and shipping agreements in Jordan, Egypt, Pakistan, the Republic of Congo, Kazakhstan and Uzbekistan, supported doubling the Group’s revenue and extended its global reach to 46 countries.

AD Ports Group’s vertically integrated business Clusters, including Ports, Economic Cities & Free Zones, Maritime & Shipping, Logistics, and Digital, have enabled the Group to become one of the fastest-growing enablers of trade, industry and logistics, whose integrated synergistic businesses are dedicated to leading the future of global trade with innovative, end-to-end supply chain solutions, world-class infrastructure, and smart new routes for a changing world.

Commenting on the report, H.E. Falah Al Ahbabi, Chairman of AD Ports Group, said: “Through bold, value-enhancing acquisitions, and strategic expansions in the Arabian Gulf, Red Sea, Caspian Sea, Africa, and around the world, AD Ports Group in 2023 transformed into a world-class facilitator of global trade and logistics, in line with the economic diversification objectives set by the UAE’s visionary leadership. In a year of rising global market uncertainty, the Group’s record revenue and profits underlined, once again, its resilience and core strength, as well as its value to shareholders.”

Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “2023 was one of the most dynamic periods of growth in the history of AD Ports Group. We expanded our maritime, shipping and ports footprint into Jordan, Egypt, Pakistan, the Republic of the Congo, Uzbekistan, and Kazakhstan, and in addition, we transformed our logistics business by acquiring Noatum, an integrated provider active in 27 countries and a leading in the automotive logistics sector in Europe.”

He added: “Moving forward into 2024, we plan to continue delivering value to our customers, shareholders and the communities we serve. With the guidance of the UAE’s wise leadership, our strategic focus will be to leverage our cutting-edge infrastructure and advanced fleet, for further dynamic growth both regionally and internationally.”

The 2023 overview

AD Ports Group’s annual report details some of the major achievements, as well as acquisitions and agreements signed in 2023, that have extended the Group’s global reach.

The year began with the inauguration of the Aqaba Cruise Terminal, the first-of-its-kind facility in Jordan and concluded with the signing of a definitive 30-year concession agreement with the Red Sea Ports Authority (“RSPA”) for the development and operation of a multi-purpose terminal at Safaga Sea Port, a strategic location on the Red Sea coast of Egypt.

A key milestone in the Group’s international expansion strategy was the landmark 100% acquisition of Noatum, a global integrated logistics services provider with a presence across all major global markets and trade lanes.

As part of the Group’s Africa Strategy and commitment to strategic development within emerging markets, it signed a 30-year extendable concession agreement to manage and operate a multipurpose terminal in Congo’s Pointe Noire Port.

AD Ports Group’s focus on replicating the company’s integrated business model in regions that offer long-term and sustainable growth prospects was reflected in the signing of a 50-year concession agreement with Karachi Port Trust for the development of a state-of-the-art container terminal. This is aimed at driving growth, promoting trade diversification, and strengthening bilateral ties between the UAE and Pakistan.

Additionally, in response to the growing demands of the global offshore oil and gas market, 10 vessels were purchased that will bolster offshore operations in the Middle East and Southeast Asia.

The year also saw a significant collaboration with Kazakhstan’s national shipping company, KazMorTransFlot (KMTF), leading to the acquisition of two advanced vessels for transporting Kazakhstan’s oil across the Caspian Sea. Today, the Group operates over 250 vessels across all service lines.

Financial highlights for 2023 included a revenue growth of 112% year-on-year to AED 11.7 billion. Results for the 12 months ending 31st December 2023 reported strong operational and financial performance with EBITDA increasing 23% YoY to AED 2.67 billion and total Net Profit reaching AED 1.4 billion in 2023, up 6% YoY.

AD Ports Group Annual Report and full-year 2023 financial statements are available HERE.