RIYADH: AD Ports Group recorded a 66 percent year-on-year revenue growth in the second quarter of 2023 to hit 2.1 billion dirhams ($571 million), driven by business diversification as well as local, regional and international expansion.
AD Ports Group saw an increase in earnings before interest, taxes, depreciation and amortization by 29 percent to reach 686 million dirhams led by growth in the company’s digital, maritime, and port clusters, the Emirates News Agency, also known as WAM, reported.
“I am delighted with our strong financial performance for the second quarter of 2023. With a remarkable 66 percent year-on-year revenue growth to 2.1 billion dirhams, we are successfully executing our diversification strategy and leveraging synergies from our recent acquisitions,” Group CEO Mohamed Al-Shamisi said.
The company’s net profit reached 310 million dirhams in the second quarter of the year, a growth of 3 percent compared to the same period last year.
Going forward, AD Ports Group aims to balance its revenue mix across four of its five clusters after its recent acquisition of Noatum, a global integrated logistics services provider.
UAE to supply Egypt with $500m worth of wheat
Egypt, one of the largest wheat importers in the world, is set to receive a fresh supply of grain from the UAE-based agribusiness Al-Dahra and the Abu Dhabi Exports Office after it signed a $500 million deal.
The agreement will span across five years with $100 million worth of supply per year to provide Egypt with imported wheat at competitive prices.
“The low-cost financing package from ADEX helps us procure high quality wheat at the lowest cost financing available, with comfortable payment terms,” Egypt’s Supply Minister Ali Moselhy said in a statement.
National banks increase credit facilities to business, industrial sectors
The UAE’s national banks increased their credit facilities for the business and industrial sectors by 28.4 billion dirhams in the first five months of this year.
According to data from the Central Bank of the UAE, over a span of five months, the credit balance from national banks to the two sectors saw a 4 percent increase. The balance escalated from approximately 717.1 billion dirhams in December 2022 to 745.5 billion dirhams by May 2023.
In May, national banks increased their credit balance for the said sectors by 8.2 billion dirhams, reflecting a 1.1 percent month-on-month rise and a 3.3 percent year-on-year growth.
