Abu Dhabi Ports says first half profit up 77 per cent

Abu Dhabi Ports on Tuesday reported a 77 per cent rise in net profit for the first half of the year on the back of growth across all segments.

The ports operator, which said revenue grew 20 per cent during the period, did not provide a monetary value.

The company said that growth in polymer exports and transhipments led to a 11 per cent jump in the number of twenty foot equivalent containers handled at Khalifa Port container terminal in the six months to June to 699,776 units from 629,941 units a year earlier. The port handled 1.5 million units for all of last year. The launch of services by new liners including Admiral Group, TDS and Bay Lines also helped to boost the container business.

Roll-on/roll-off traffic at the port increased by 4 per cent year-on-year in the first half to 58,000 vehicles, while general cargo shipments edged up by 7 per cent.

The opening of the new cruise terminal at Zayed Port in December led to a near 50 per cent jump in the number of cruise passengers handled in the first half of the year. Abu Dhabi Ports said 184,815 passengers passed through the port and that all the retail units at the cruise terminal have been fully let.

The company said that new land leased in Khalifa Industrial Zone stood at more than 1.5 million square metres, 50 per cent up on this time last year. It has now leased 14.5 million sq metres of land, 1.9 million sq metres of which is leased in the trade and logistics zone.

“These results demonstrate the crucial role that Abu Dhabi Ports plays as a UAE’s regional and increasingly global maritime trade hub,” said Mohamed Juma Al Shamisi, the chief executive of Abu Dhabi Ports, commenting on the results.

Late last month, Abu Dhabi Ports said it was expanding the US$7 billion Khalifa Port facility to handle some of the world’s largest ships to ensure Abu Dhabi’s competitiveness as a global trade and investment hub and to support domestic industries. The expansion, which is due to be completed in the summer of 2018, will include 1,000 metres of quay wall, adding 600,000 sq metres of space for cargo handling and deepening of its main channel and basin to 18 metres from the current 16 metres.

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