Abu Dhabi Ports Buoyed by Surge in Cargo Volumes Ahead of IPO
Abu Dhabi Ports Buoyed by Surge in Cargo Volumes Ahead of IPO
(Bloomberg) --
Abu Dhabi Ports Group, which is planning to list this year, reported a 22% increase in nine-month revenue helped by higher cargo volumes.
General cargo volumes surged 68% to 37 million metric tonnes in the nine months to September, “reflecting the wider global recovery from the impact of the COVID-19 pandemic, although some supply chain issues remain,” the company said. Revenue rose to 2.8 billion dirhams ($762.3 million) from 2.3 billion dirhams, while Ebitda was up 7% to 1.16 billion dirhams.
“We are well-positioned for sustained growth as the world economy recovers from the impact of the global pandemic and as we take an active role in helping to resolve global supply chain issues,” Group CEO Mohamed Juma Al Shamsi said in a statement.
Established in 2006, AD Ports is estimated to contribute 13.6% of Abu Dhabi’s non-oil economic growth, according to the company’s website. The ports operator is owned by sovereign wealth fund ADQ, which plans to list the company on the Abu Dhabi Securities Exchange.
The IPO would add to a flurry of deals in the region. Satellite operator Yahsat listed in Abu Dhabi earlier this year, followed by Adnoc Drilling and Fertiglobe Plc.
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