State-backed holding company ADQ said on Tuesday it plans to list Abu Dhabi Ports Co on Abu Dhabi Securities Exchange (ADX) before the end of the year.
The listing on ADX is expected to comprise a sale of a portion of existing shares to investors in the UAE.
Chairman of Abu Dhabi Ports Falah Mohammed Al Ahbabi said, "Today’s announcement marks another important step in Abu Dhabi Ports’ ongoing journey as we consolidate our leading role in the maritime and logistics sectors.
“Thanks to our leadership’s wisdom and foresight, Abu Dhabi enjoys the stable economic environment that has driven our ongoing growth, encouraged us to embrace innovation, and ensured we have been able to build world-class partnerships with international champions."
Chief Executive Officer, ADQ Mohamed Hassan Alsuwaidi said, “As part of ADQ’s portfolio since its inception in 2018, Abu Dhabi Ports has successfully consolidated and integrated ports, industrial cities, and free zones, logistics, maritime and digital entities while increasing volumes and revenues.
“With a strong leadership team in place, we are confident Abu Dhabi Ports is well-positioned to continue progressing on its strategy towards becoming a global trade and commercial hub.”
"With 14 listings already in 2021, ADX is an ideal choice to give investors access to a high quality, high growth potential maritime and logistics leader due to its growing liquidity and resiliency," Alsuwaidi added.
Abu Dhabi Ports CEO Captain Mohamed Juma Al Shamisi said, “We are committed to driving innovation and development across the global maritime and logistics industries to support the growth of Abu Dhabi and the UAE. Over the past year, we have delivered on our long-term strategy focused on driving global trade through an integrated portfolio of world-class ports, industrial zones, and logistics supply chains.”
For the year ended December 31, 2020, Abu Dhabi Ports reported revenue of 3.4 billion dirhams ($925 million), a growth of 700 million dirhams ($190.5 million) from 2019 despite the COVID-19 pandemic.
EBITDA of Abu Dhabi Ports grew by 37 percent to reach AED1.5 billion in 2020 and EBITDA margins improved from 40.7 percent in 2019 to 45.2 percent in 2020.
Abu Dhabi Ports’ asset base expanded by AED3.1 billion ($843.7 million), reaching a total of AED 24.8 billion ($6.7 billion) as of 31 December 2020.
The proposed listing of a portion of existing shares is expected before the end of 2021, it said in a statement, subject to market conditions and obtaining regulatory approval.
