Abu Dhabi Ports Company PJSC

The preliminary unaudited results for the fiscal year ending December 31, 2023, have been released by Abu Dhabi Ports Company PJSC. The company, established on March 4, 2006, has a paid-up, subscribed, and authorized capital of 5,090,000,000 ordinary shares of AED 1 each. The Chairman of the Board is H.E. Falah Mohammed Falah Jaber Al Ahbabi, and the CEO is Captain Mohamed Juma Al Shamisi. The company's external auditor is Deloitte & Touche (M.E.). The company can be contacted via post at P.O. Box 54477, Abu Dhabi, UAE, by phone at +97126952000, by fax at +97126952177, or by email at investors@adports.ae.

AD Ports Group reported record full-year 2023 revenue of AED 11.7 billion, a 112% increase from the previous year. EBITDA rose by 23% to AED 2.7 billion, and net profit grew by 6% to AED 1.4 billion. However, Q4 2023 results were impacted by extraordinary one-off items, leading to a flat EBITDA performance and a decrease in profit before tax and total net profit. The company also spent AED 4.57 billion on capital expenditure in 2023, AED 945 million lower than 2022, as part of its plan to invest around AED 15 billion between 2023 and 2027. The company's free cash flow remained negative due to ongoing capital expenditure and acquisitions. The revenue growth was driven by the Maritime & Shipping, Ports, Logistics, and Digital Clusters, as well as mergers and acquisitions, particularly the acquisition of Noatum.

The Board of Directors of Abu Dhabi Ports Company PJSC held a meeting via video conference on 14th February 2024. During the meeting, they approved the Company’s unaudited annual financial statements for the financial year ended 31st December 2023. They also decided to invite the Company’s annual general assembly to convene on 28th March 2024 or any other date approved by the Securities and Commodities Authority (SCA). The agenda for the annual general assembly meeting will be published after obtaining SCA’s approval. The Board also discussed recent developments related to the Company’s activities and projects.

Titan Lithium, a UAE-based company, has signed a 50-year land lease agreement with Khalifa Economic Zones Abu Dhabi (KEZAD) to set up a AED 5 billion lithium processing plant in the Khalifa Industrial Area. The plant, which will be developed in three stages, is set to process battery-grade lithium for electric vehicles. The facility will span over 290,000 square meters and will import approximately 150,000 tonnes of lithium annually from Titan Lithium's mines in Zimbabwe. The project aligns with the UAE's goals of innovation and sustainable development and is expected to contribute significantly to the country's strategic vision of diversifying its economy.

Resolution No. 287 of 2024 announces the temporary suspension of trading on the shares of Abu Dhabi Ports Company PJSC. This suspension is due to the company's Board of Directors meeting scheduled for 11:00 on February 14, 2024, which coincides with the trading session at ADX. Trading will be suspended from 09:00 on February 14, 2024, until the meeting results are received by ADX. All department heads at ADX are required to execute this resolution in their respective fields. The resolution is to be circulated to the Securities and Commodities Authority (SCA), the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was issued on February 12, 2024.

The Board of Directors of Abu Dhabi Ports Company PJSC will hold a meeting via video conference at 11 a.m. on Wednesday, 14 February 2024. The agenda includes reviewing the company's unaudited annual financial statements for the financial year ended 31 December 2023, considering inviting the company's annual general assembly to convene and discussing general matters related to the company's activities and projects. The notice was issued by Emil Pellicer, the General Counsel, with a copy sent to the Securities and Commodities Authority.

AD Ports Group has entered into a 25-year concession agreement with Karachi Port Trust (KPT) for Bulk and General Cargo operations. The agreement will see Karachi Gateway Terminal Multipurpose Limited, a joint venture between AD Ports Group and UAE-based company Kaheel Terminals, develop, operate, and manage the Bulk and General Cargo terminal berths 11-17 at Karachi Port's East Wharf. The joint venture plans to invest around $75 million in the first two years, followed by an additional investment of $100 million within five years to increase efficiency and capacity by 75%. This follows a previous agreement by AD Ports Group to operate the Karachi Gateway Terminal Limited container terminal.

Noatum, a company under AD Ports Group, has completed the acquisition of Sesé Auto Logistics, the Finished Vehicles Logistics business of Grupo Logístico Sesé, for a total of EUR 81 million. The acquisition has been approved by all relevant European regulators. This move is part of Noatum's strategic vision to become a leading supplier of logistics services in the European automotive logistics market. The company anticipates significant synergies with its existing port terminals business in Spain, reinforcing its integrated logistics solution for Original Equipment Manufacturers and other stakeholders. The new brand will be called Noatum Auto Logistics.

The Khalifa Economic Zones Abu Dhabi (KEZAD) Group has announced plans to increase its warehousing capacity by 43% by the end of 2025, requiring an investment of AED 621 million. This expansion, which will add more than 250,000 square meters of space, is in response to a high demand for industrial and logistics facilities in Abu Dhabi. The development will include construction in both the Khalifa Industrial Area and ICAD 3. Since Q3 2022, KEZAD has already delivered over 270,000 square meters of additional warehousing space, with a 66% increase in leased area. The new facilities will include logistics and distribution warehouses, cold stores, light industrial units and showrooms.