Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, reported a 22 per cent increase in revenue during the first nine months of the year on the back of volume growth, business diversification and new partnerships.
The company earned revenue of Dh2.791 billion ($760 million), compared with Dh2.295bn for the period ending September 30, 2020.
The port operator's earnings before interest, tax, depreciation and amortisation (Ebitda) rose 7 per cent to Dh1.161bn, compared with Dh1.081bn last year, on the back of growth across various business clusters.
“We reported solid results for the nine months ended September 30, 2021, due to continuing growth in our core businesses and incremental returns from new investments,” Captain Mohamed Juma Al Shamsi, Abu Dhabi Ports’ chief executive, said in a statement on Saturday.
“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.”
Activity across ports and commercial hubs has picked up as global trade rebounds from the Covid-19 pandemic-induced slump last year. The volume of world merchandise trade, which fell 5.3 per cent in 2020, is now expected to grow 10.8 per cent in 2021, according to World Trade Organisation estimates.
General cargo volumes grew 68.18 per cent during the first nine months of the year to reach 37 million metric tonnes.
Container throughput, which is measured in 20-foot equivalent units, reached 2.47 million TEUs in the first nine months of the year, up from 2.42 million TEUs during the same period in 2020. The growth came despite the ongoing supply constraints faced in the global shipping and container market, the company said.
Abu Dhabi Ports also leased around 2.7 million square metres of land during the first nine months of the year.
“We are beginning to realise returns from our new investments, joint ventures and partnerships across feedering, offshore and transhipment services as well as from our expansion of logistics services,” Martin Aarup, chief financial officer at Abu Dhabi Ports, said.
“Our invested capital increased to Dh23bn in the first nine months of 2021, up from Dh19.9bn in the same period in 2020, in line with our ongoing expansion programme,” he added.
The company said operational highlights from the period included the signing of a concession agreement with France's CMA CGM Group in July 2021 to establish a new terminal in Khalifa Port.
Abu Dhabi Ports said it also signed a Heads of Terms agreement with Aqaba Development Corporation to build and operate a new cruise terminal at the Port of Aqaba, Jordan, the first of its kind in the country and the group's first cruise facility outside the UAE.
The ports operator signed a preliminary agreement with the General Company for Ports of Iraq (GCPI) to explore potential opportunities in the transportation and maritime sectors.
Part of one of the region’s largest holding companies, ADQ, Abu Dhabi Ports owns and manages 11 ports and terminals in the UAE and Guinea, including Khalifa Port, Zayed Port, Musaffah Port, Fujairah Terminals, Community Ports, Kamsar Port and Abu Dhabi Cruise Terminal.
It operates more than 550 square kilometres of industrial zones within Khalifa Industrial Zone Abu Dhabi (Kizad) and ZonesCorp, the largest integrated trade, logistics and industrial business grouping in the Middle East.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
