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Abu Dhabi Ports Group, operator of the UAE’s industrial cities and free zones, said second-quarter net profit surged 59% on higher revenue as business activity rebounded due to supply chain disruptions.
Net profit for the three months to the end of June rose to 300 million dirhams ($81.7 million) from a year earlier, the company said in a report. Regulatory filing to the Abu Dhabi Stock Exchange, where its shares are traded.
Revenue rose 35 percent to AED1.24 billion during the reporting period, “primarily driven by the marine and economic city and free zone clusters, and to a lesser extent digital clusters,” the company said.
Adjusted earnings before interest, tax, depreciation and amortization rose 41 percent annually to AED532 million.
The company’s net income for the first six months of the year rose 41% year-on-year to AED606 million. Revenue rose 25% to AED2.29 billion during the reporting period.
“Our growth momentum picked up in the first half of the year and we expect to continue delivering on our performance for the remainder of the year,” said Mohamed Juma Al Shamisi, the company’s managing director and group chief executive.
“The group’s core business continued to rebound from the severe supply chain disruptions experienced last year, while our new business, enhanced service delivery and diversification strategy to synergize the new business delivered positive results.”
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Updated: August 12, 2022 at 5:21 pm
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