AD Ports profit jumps 73% due to efforts to mitigate effect of Hormuz closure

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AD Ports Group posted a 73 per cent surge in its third-quarter net income as revenue climbed on push to mitigate the effect of the closure of the Strait of Hormuz.Net profit…

AD Ports Group posted a 73 per cent surge in its third-quarter net income as revenue climbed on push to mitigate the effect of the closure of the Strait of Hormuz.

Net profit attributable to the owners of the company for three-month period to the end of the September rose to Dh767 million ($209 million), the Abu Dhabi-based global ports and free zones operator said on Wednesday in a statement to the Abu Dhabi Securities Exchange, where its shares trade.

The sharp increase in the quarterly earnings was primarily driven by the company’s push to further consolidated “alternative multimodal trade routes and operations” across the UAE to strengthen supply chain resilience.

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The move, AD Ports said, helped to minimise the effect of Strait of Hormuz traffic disruptions on its customers in the UAE and the broader Gulf region.

“Continuity measures implemented since March include the rerouting of cargo operations and feeder shipping services to Fujairah Terminals and Khor Fakkan Port,” the company said. They also include the “deployment of new land and air bridges, and the establishment of additional warehousing and storage facilities”.

Operational flexibility and agility helped AD Ports to “mitigate the negative effects of regional disruptions on UAE operations, especially in the shipping business”, it added.

Revenue for the reporting period surged to almost Dh8 billion, a 48 per cent year-on-year increase, driven by “double-digit top-line growth across the four core business clusters”, the company said.

A sharp quarter-on-quarter rise in the company’s ports cluster, as well as strong gains in maritime, shipping and logistics, as well as its economic cities and free zones businesses also drove revenue growth.

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