Abu Dhabi Ports Company PJSC

AD Ports Group has signed agreements with two UAE banks to refinance its USD 2.25 billion syndicated loan, resulting in potential savings of up to AED 44 million (USD 12 million) in finance costs over the next 12 months. The new refinancing includes an AED 9.2 billion (USD 2.5 billion equivalent) medium-term facility with a 2.5-year maturity and an AED 1.0 billion (USD 273 million equivalent) short-term facility with a 1.5-year tenor. This move extends the Group's debt maturity to 2026 and beyond, providing greater financial flexibility and positioning the company to benefit from declining interest rates. The refinancing follows the US Federal Reserve's decision to start its interest rate easing cycle. AD Ports Group aims to use bonds as the primary long-term funding vehicle and is rated “A+” & “gcAAA” by S&P and “AA-” with a stable outlook by Fitch.

AD Ports Group has signed agreements with two UAE banks to refinance a USD 2.25 billion syndicated loan at more favorable terms, potentially saving up to AED 44 million (USD 12 million) in finance costs over the next 12 months. The new facilities include a medium-term facility of AED 9.2 billion (USD 2.5 billion) with a 2.5-year maturity and a short-term facility of AED 1.0 billion (USD 273 million) with a 1.5-year tenor. This refinancing aligns with the Group's strategy to utilize bonds for long-term funding and takes advantage of the US Federal Reserve's recent interest rate cuts. The new agreements extend debt maturity to 2026 and beyond, offering greater financial flexibility and lower financing costs. AD Ports Group holds strong credit ratings from S&P and Fitch.

The "Sustainability Report 2023" focuses on accelerating growth while ensuring environmental stewardship, social well-being, and ethical governance.

The 2023 Sustainability Report focuses on accelerating growth while ensuring environmental stewardship, social well-being, and ethical governance.

On 12 September 2024, the Board of Directors of Abu Dhabi Ports Company PJSC held a meeting via video conference at 4:00 p.m. The meeting focused on discussing general matters related to the company's activities and projects. The information was communicated by Emil Pellicer, the General Counsel, and a copy of the notice was sent to the Securities and Commodities Authority.

The Abu Dhabi Securities Exchange has been informed that the Board of Directors of Abu Dhabi Ports Company PJSC will hold a meeting via video conference at 4:00 p.m. on Thursday, 12 September 2024. The meeting will address general matters related to the company's activities and projects. This notification is signed by Emil Pellicer, the General Counsel, and a copy has been sent to the Securities and Commodities Authority.

Noatum, an AD Ports Group company, has acquired a majority stake in Safina B.V., a leading maritime agency and cargo services provider in Egypt and the Middle East. This acquisition, expected to close in Q3 2024, is a strategic move to expand Noatum Maritime's presence in the region. Safina, with its extensive network and expertise, will now have access to Noatum's international network, allowing it to serve a broader range of industries and strengthen its local presence. The acquisition aligns with AD Ports Group's broader strategy in Egypt, which includes recent agreements for managing various ports. Terry Gidlow, CEO of Noatum Maritime, highlighted that this move enhances their service offerings and supports sustainable growth by leveraging Safina's experience and local expertise.

AD Ports Group reported a 56% year-over-year (YoY) increase in EBITDA and a 42% growth in total net profit for Q2 2024. Revenue more than doubled to AED 4.18 billion, driven by organic growth in various clusters and acquisitions. Adjusted for mergers and acquisitions, revenue grew by 6% YoY. EBITDA reached AED 1.07 billion, with a margin of 25.6%. Total net profit was AED 439 million, a 42% YoY increase, and 55% YoY when adjusted for the introduction of corporate income tax in the UAE. Net profit after minorities rose by 16% YoY to AED 333 million.

On 12 August 2024, the Board of Directors of Abu Dhabi Ports Company PJSC held a meeting via video conference at 5:00 p.m. During this meeting, the Board approved the financial statements for the second quarter of the financial year 2024 and discussed general matters related to the company's activities and projects. The information was communicated by Emil Pellicer, the General Counsel, with a copy sent to the Securities and Commodities Authority.

The document is a review report and condensed consolidated financial information for Abu Dhabi Ports Company PJSC, covering the six-month period ending on June 30, 2024.