Press releases, Reports & Disclosures for Abu Dhabi Ports Company PJSC
On 4 July 2024, the Board of Directors of Abu Dhabi Ports Company PJSC held a meeting via video conference at 11 a.m. During the meeting, the following resolutions were made: 1. H.E. Mohamed Hassan Alsuwaidi was elected as the Chairman of the Board of Directors. 2. The reconstitution of the Company's Board Committees was approved as follows: - Audit, Risk, and Compliance Committee: - Jasim Thabit (Chairperson) - Mohamed Al Hammadi (Member) - Renzo Bravo (Member) - Nomination and Remuneration Committee: - Mansour Al Mulla (Chairperson) - Najeeba Al Jabri (Member) - Renzo Bravo (Member)
The Board of Directors of Abu Dhabi Ports Company PJSC will hold a meeting via video conference at 11 a.m. on Thursday, 4 July 2024. The agenda includes electing a new Chairman of the Board, considering and approving the reconstitution of the Board's committees, and discussing general matters related to the company's activities and projects. The notice is signed by Emil Pellicer, General Counsel, and a copy has been sent to the Securities and Commodities Authority.
AD Ports Group has signed a definitive concession agreement with the Red Sea Ports Authority to develop, operate, and manage three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh ports in Egypt. The group will invest USD 4.7 million over the next 15 years, with the terminals expected to be operational by 2025. This initiative aims to enhance cruise services, improve access for operators, and introduce new itineraries in the Red Sea region, thereby boosting cruise tourism and passenger experiences. Additionally, AD Ports Group has initialled two 30-year concession agreements with the General Authority of the Suez Canal Economic Zone for the development, management, and operation of a Ro-Ro terminal and a cruise terminal at Sokhna Port. The agreements were signed in Cairo with notable dignitaries in attendance, including Egypt’s Prime Minister and the UAE Ambassador to Egypt. The initiatives are part of AD Ports Group's commitment to enhancing the cruise tourism sector and strengthening UAE-Egypt bilateral ties.
The Abu Dhabi Securities Exchange has issued a notice regarding a circular resolution by the Board of Directors of Abu Dhabi Ports Company PJSC. Following the resignation of H.E. Falah Mohammad Al Ahbabi from the Board, a resolution will be circulated at 6 PM on Tuesday, June 4, 2024, to appoint a new board member to fill the vacant position. The notice is signed by Emil Pellicer, General Counsel, and a copy has been sent to the Securities and Commodities Authority.
On May 30, 2024, Abu Dhabi Ports Company PJSC announced the resignation of non-executive, independent board member Falah Mohammed Al Ahbabi, effective the same day, due to personal reasons. The announcement was authorized by Group General Counsel Emil Pellicer.
AD Ports Group has appointed Al Ramz Capital as a liquidity provider for its shares listed on the Abu Dhabi Securities Exchange. The agreement aims to improve the trading of AD Ports Group shares by maintaining tight bid/ask spreads, enhancing traded volumes, reducing volatility and the overall illiquidity risk of the stock. Al Ramz Capital will begin trading AD Ports Group shares from 16th May 2024 following regulatory approvals.
AD Ports Group began 2024 with a notable financial and operational performance in Q1. The group's revenue more than doubled year-on-year (YoY) to AED 3.89 billion, and its EBITDA increased by 49% YoY to AED 1.04 billion. The EBITDA margin was 26.7%, and profit before tax and minorities reached AED 462 million, a 27% YoY increase. Total net profit was AED 400 million, up by 10% YoY, and net profit after minorities was AED 314 million, a 5% YoY decrease. The group spent AED 1.27 billion on growth capital expenditure (CapEx) in Q1 2024. Operating cash flow more than doubled to AED 781 million, but free cash flow remained negative at AED 2.01 billion due to payments for several mergers and acquisitions and organic growth CapEx. The group's revenue and EBITDA growth were driven by the Maritime & Shipping, Ports, Logistics, and Digital Clusters, as well as the effects of mergers and acquisitions.
The document provides a review report and summarized consolidated financial information for Abu Dhabi Ports Company PJSC. The data covers the first three months of the fiscal year, ending on 31 March 2024.