Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, said first-half net income rose more than 2 per cent on higher revenue, driven by recent acquisitions and its continued diversification strategy.
Net profit for the six-month period to the end of June rose to Dh616.77 million ($168 million), the company said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Half-yearly revenue jumped 69 per cent to Dh3.87 billion, driven by its maritime, digital and ports business clusters.
Net income for the second quarter of this year softened by 4 per cent on an annual basis to Dh286 million, as growth was “diluted by the increase in depreciation and amortisation charges as well as finance costs associated with deployment of new assets with deferred revenue effect”, the company said.
Earnings before interest, tax and amortisation (ebitda), however, surged by 29 per cent to Dh686 million.
Revenue for the three-month period also rose 66 per cent to Dh2.06 billion.
"We are successfully executing our diversification strategy and leveraging synergies from our recent acquisitions, paving the way for continued growth and value creation for our stakeholders," Mohamed Al Shamisi, managing director and group chief executive of AD Ports, said.
Established in 2006, AD Ports, which owns and operates 10 ports in the UAE, has been expanding its operations globally.
In recent quarters, the group has acquired several assets and signed port management concession agreements across multiple markets in a bid to expand its global reach.
Last month, AD Ports acquired Spanish integrated logistics platform Noatum after receiving final approval for the deal from the Spanish authorities.
Noatum, with an enterprise value of Dh2.5 billion, has a presence in 26 global markets.
Given the scope of its services, Noatum is leading AD Ports Group's logistics cluster, AD Ports said in a statement to the ADX at the time.
“Going forward, AD Ports Group’s revenue mix is likely to be more balanced across four of its five clusters with the recently completed acquisition of Noatum,” the company said on Tuesday.
“Based on 2023’s first six months financial performance for both AD Ports Group and Noatum, the latter accounts for over 50 per cent of AD Ports Group’s revenue and 13 per cent of its ebitda.”
In June, AD Ports signed a 50-year concession agreement with Pakistan’s Karachi Port Trust. The deal includes an investment of $220 million to develop a new concession at Karachi port aimed at boosting its growth over the next 10 years.
The UAE-based company also signed a 30-year concession agreement with the government of the Republic of Congo to manage and operate a multipurpose terminal at the New East Mole port in Pointe-Noire.
The Abu Dhabi company is also teaming up with Egypt's Red Sea Ports Authority to develop and operate a multipurpose terminal at Port Safaga.
Earlier this year, it also signed a partnership with Kazakhstan's state energy company KazMunayGas and a preliminary accord with the country's Ministry of Industry and Infrastructural Development to co-operate in the development of a national marine fleet and coastal infrastructure in the Caspian and Black seas.
The company on Tuesday said its maritime, digital, and ports business clusters are proving to be the key growth drivers for the company, with 208 per cent, 26 per cent, and 22 per cent annual growth, respectively, in the second quarter of this year.
The company’s “resilient growth” is driven by its expanded service offering and geographic diversification, Martin Aarup, group chief financial officer at AD Ports, said.
“At the same time, we continue to invest large amounts of Capex [capital expenditure], Dh1.8 billion in Q2 2023, which will drive our future growth," he added.
Killing of Qassem Suleimani
SUZUME
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1. Fasting
2. Prayer
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Killing of Qassem Suleimani
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
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Killing of Qassem Suleimani
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'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
