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Abu Dhabi, UAE – Feb 13: AD Ports Group (ADX: ADPORTS), a leading global enabler of integrated trade, industry, and logistics solutions, today announced its preliminary unaudited financial results for the fourth quarter and full year ending 31^st December 2025. The Group delivered record revenue and net profit for the full year 2025 and also turned Free Cash Flow (FCF) positive for the year, a first since its 2022 public listing.

Operationally, the strong growth was driven by container terminals throughput, both domestically and internationally, the addition of 3.3 km² of net new industrial land leases in Khalifa Economic Zones – Abu Dhabi (KEZAD) with resulting continued strong demand for warehouses, staff accommodation, and gas provision; strong activity across all maritime businesses – Shipping, Offshore & Subsea, Marine Services, and Drydocking & Shipbuilding – and the launch of the Ro-Ro shipping JV, UGR.

In 2025, AD Ports Group continued executing its disciplined internationalisation strategy launched in 2022, consolidating presence in its existing markets as a corridor-focused global trade enabler. The focus remained on the Middle East, Central Asia, Pakistan, Egypt, Sub-Saharan Africa, and the Mediterranean region, where the Group continued to build operational scale and long-term partnerships. Emphasis was placed on operational stabilisation, developing customer relationships, efficiency gains, service quality, and improving the performance of recently acquired or developed assets.

Against a challenging and complex global geopolitical and macro backdrop, AD Ports Group’s diversified business model, focused strategy, and operational flexibility have proven to be effective, turning risks into differentiated opportunities. Operational progress continued to interconnect the Group’s 34 port terminals in 2025 with associated maritime and logistics services, increasing synergies and enhancing asset utilisation.

The results of that strategy are clear and visible – AD Ports Group increased its customer base by almost 20% in 2025 whilst spending by its top 10 customers increased by 40%, a testament to its synergistic vertically integrated model, and its widening service offering, and geographic expansion, which are all bearing fruit.

The UAE macroeconomic context, and more specifically the signing and implementation of an increasing number of Comprehensive Economic Partnership Agreements (CEPAs), has also been supportive. Since 2022, 29 CEPAs have been signed with 14 implemented by the end of 2025. According to the Central Bank of the UAE, the country recorded GDP growth of approximately 5% in 2025, driven by non-oil expansion in trade, logistics, manufacturing and services. Additionally, UAE non-oil foreign trade exceeded USD 1 trillion (AED 3.8 trillion) in 2025, a 26% increase over 2024, achieving targets five years ahead of schedule and demonstrating the accelerating momentum of the country’s economic diversification strategy. This supportive macro environment in the UAE is largely expected to continue in 2026.

In container shipping, despite a challenging, complex, and volatile environment in 2025, AD Ports Group’s container feeder shipping business showed strong resilience with 38% volume growth and a mere 7% softening in rates on average. Overall, shipping freight rates remain elevated by historical standards, whilst charter rates have strengthened further amidst tight vessel availability. Despite difficult market conditions in 2025, asset-owner AD Ports Group managed to deliver strong results in its container feeder shipping business by proactively managing its service network, leveraging strong demand for services in its key regions of focus – GCC-India, Intra-Asia, Asia-Europe, Asia- Middle East and Asia-Africa, and expanding its relationship with global shippers and complementing their global network with feeder services in the Red Sea and West Africa.

Trade flows continue to be shaped by geopolitical tensions, heightened trade policy uncertainty, and persistent disruption in the Red Sea and through the Suez Canal. Red Sea rerouting remained a defining feature in 2025 and whilst some volumes through the Suez Canal resumed sporadically since the end of last year, the majority of mainliner operators have continued to divert around the Cape of Good Hope. Looking ahead, 2026 is also expected to continue to be a year tempered by volatility, with market outcomes shaped by the trajectory of Red Sea disruptions, the evolution of trade policy, and the industry’s ability to absorb new capacity without eroding rate discipline.

In 2026, Ports and Economic Cities & Free Zones will remain the backbone of the Group’s infrastructure-led growth strategy whilst Maritime & Shipping and Logistics will continue to build scale to connect and support the infrastructure assets and offer customers a one-stop shop with end-to-end solutions. 

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO – AD Ports Group, said:

“2025 was another year of record financial performance for AD Ports Group, underpinned by disciplined execution, operational scale-up, and the continued maturation of our integrated business model. Since our listing in 2022, we have consistently translated growth in volumes, assets, and geographic reach into stronger earnings, cash generation, and capital efficiency. During the year, we strengthened our core infrastructure platforms, advanced our corridor-focused international strategy, and, for the first time since listing, generated positive free cash flow for the full year ahead of guidance, which is a key benchmark of our financial development as an integrated global trade, transport, logistics, and industrial development business. As we enter 2026, the Group is well positioned, under the guidance of our wise leadership, to navigate ongoing market volatility and support the UAE’s economic diversification agenda whilst continuing to innovate unique, end-to-end solutions for our customers, and delivering sustainable, long-term value for our shareholders.”

Operational and Financial Performance

In 2025, AD Ports Group’s underlying operational performance was strong across the Ports, Economic Cities & Free Zones, and Maritime & Shipping Clusters. The Group simplified and streamlined its corporate structure by transforming its Digital Cluster to a federated model in order to better support its growth strategy, efficiency and performance, particularly accelerating AI initiatives and deployment of Agentic AI across its core operations. The vertically integrated and synergistic model is now structured around four Clusters – Ports, Economic Cities & Free Zones (EC&FZ), Maritime & Shipping, and Logistics – with digital services better aligned with business requirements, strengthening the Group’s ability to serve external customers and swiftly adapt to fast-changing market conditions.

In Ports, total container throughput soared 23% YoY to 7.7 million TEUs for the full year, whilst general cargo volumes increased 7% YoY to almost 60 million tons. CMA Terminals Khalifa Port, which started commercial operations at the beginning of 2025, handled over 1.3 million TEUs during the year, implying an impressive utilisation of 74% in its first year of operations.

In Economic Cities & Free Zones, another 900,000 m² of new land leases (net) were signed in Q4 2025, bringing the total land leases signed during the year to 3.3 km². A defining development in 2025 was KEZAD Group’s first land sale transaction in Abu Dhabi with Mira Developments, covering 4.6 km², for AED 2.47 billion. This marked a deliberate evolution of the cluster’s business model, introducing a sale-and-lease development framework alongside traditional long-term leasing. The Group has earmarked an initial 16 km² of KEZAD land for sale, positioning land disposals as another value driver going forward. KEZAD Group also actively started managing its built-assets portfolio to enhance capital efficiency and value creation with the sale of two stabilised, tenanted warehouses – Emtelle and Noon facilities – in November 2025 to Abu Dhabi developer Aldar Properties for AED 570 million. Utilisation in the staff accommodation business, Sdeira Group, continued to improve rapidly, ending the year at 94% vs. 67% in 2024, and 85% in Q3 2025.

In Maritime & Shipping, container feeder shipping volumes rose 38% YoY to 3.35 million TEUs in 2025, driven by increased services and capacity, whilst the bulk, multipurpose, and Ro-Ro shipping vessel fleet reached 60, up from 28 at the end of 2024, mainly on capacity expansion for UGR, which added 11 vessels last year. The marine services vessel fleet expanded as well, to 81 vessels in 2025, up from 66 in 2024.

In Logistics, the year was characterised by a challenging global freight environment, rising operational costs, and one-time commercial settlement obligations. At the same time, 2025 was a pivotal transition year during which the Logistics Cluster put in place a new global senior management team with deep industry expertise. The new leadership initiated a comprehensive transformation programme aimed at reshaping the operating model into a product-led, standardised, and technology-enabled global logistics platform to reposition the Cluster for sustainable growth and profitability.

On the Balance Sheet front, AD Ports Group’s capital structure was relatively stable with a Net Debt of AED 20.6 billion (vs. AED 18.6 billion in 2024) and a Net Leverage of 4.1x (stable vs. 2024).

Cash Flows from Operations increased sharply to AED 5.05 billion in 2025, +28% YoY, on steady growth in operating profit from core operations as well as asset monetisation transactions, implying an adjusted Cash Conversion Ratio of over 80%. Despite an increase in annual organic CapEx to AED 5.5 billion, the Group turned Free Cash Flow to the Firm (FCFF) positive for the first time since its listing in 2022, ahead of its guidance set for 2026.

In 2025, AD Ports Group revamped its ESG strategy and is now focused on accelerating decarbonisation plans through ISSB‑ and TCFD‑aligned governance, scaling low‑emission assets, and delivering measurable environmental and social outcomes while sustaining resilient, long‑term value creation in a rapidly evolving and volatile global context. The Double Materiality Assessment conducted in 2025 identified 12 priorities for AD Ports Group’s key stakeholders and for each material topic the Group has established clear, time‑bound targets that define the outcomes it is committed to achieving. For example, for greenhouse gas emissions, it aims to reduce group-level scope 1, 2, and 3 emissions by 22% by 2034 (from the 2024 baseline).

 

Q4 & FY 2025 Financial KPIs

1)    EBITDA is calculated by taking net profit and adding depreciation and amortization, finance costs, income tax expense, impairment of investment properties and subtracting government grants, fair value gain on pre-existing interest in a joint venture and finance income.

2)   Based on the weighted average number of shares for the period.

 

Key Developments in Q4 2025

 

Group

• Sold 9.77% stake in NMDC to Alpha Dhabi Holding for AED 1.6 billion.

 

Ports Cluster

• Signed agreements with Nimex Terminals to establish LNG and LPG terminals hubs at Khalifa Port in a deal valued at over AED 30 billion.
• Concluded third partnership with CMA CGM Group with the acquisition of a 20% stake in the Latakia International Container Terminal (LICT) in Syria for AED 81 million.
• Signed agreement with CMA CGM Group to expand its container terminal capacity at Khalifa Port to 2.7 million TEUs less than a year after the terminal started operations.
• Acquired the 19.328% stake held by the Saudi Egyptian Investment Company (SEIC), a PIF company, in Alexandria Container & Cargo Handling Co. (ALCN), one of Egypt’s largest container terminal operators, for EGP 13.2 billion.
• Announced intention to launch a cash Mandatory Tender Offer (MTO) to acquire an additional stake in Egypt’s ALCN, which would give AD Ports Group majority ownership and control.
• Karachi Gateway Terminal Multipurpose Limited (KGTML), part of Noatum Ports, the international ports operating arm of AD Ports Group, and Louis Dreyfus Company Pakistan, a subsidiary of leading global merchant and agricultural goods processor Louis Dreyfus Company (LDC), signed a long-term commercial agreement to develop and operate a modern clean bulk handling and storage facility for agricultural goods at Karachi Port.

Economic Cities & Free Zones Cluster

• Signed an AED 2.47 billion land sale agreement with Mira Developments for a 4.6 km² plot located within the 16 km² KEZAD Town Centre.
• Signed a 50-year land lease with China Southern Glass (CSG) for a 95,000 m² plot within ICAD 1, Mussafah, with an investment value of AED 300 million into a facility of high-performance energy-saving glass.
• Sold two built-to-suit warehouses in KEZAD Abu Dhabi to Aldar Properties for AED 570 million.
• Signed two 50-year land leases with Indian firms Jindal SAW Group and Haldiram Group for a total plot of over 500,000 m² in KEZAD Abu Dhabi with a total investment value of over AED 1 billion into food and metal manufacturing facilities.
• Signed a second 50-year land lease with Azizi Developments for a 440,000 m² plot in KEZAD Abu Dhabi, with an investment value of AED 2 billion , to build 12 factories and associated logistics capabilities.

 

Maritime & Shipping Cluster

• Noatum Maritime and Bapco Upstream signed a five-year agreement for Marine Services at Bahrain LNG Terminal.

Logistics Cluster

• Appointed Jochen Thewes as CEO of the Logistics Cluster. Thewes served as CEO and Management Board Chairman of DB Schenker for nearly a decade.
• Established a 51%-owned JV with AVESTO Group, one of Tajikistan’s largest private industrial conglomerates, to deliver integrated logistics and freight forwarding services across the country.
• Formed a 51%-owned JV with CEI Supply Chain to offer logistics capabilities in Pakistan.

 

Key Developments Post Q4 2025

• Signed an AED 840 million land sale agreement with Danube Properties for a 1.0 km² plot located within the 16 km² KEZAD Town Centre.
• SAFEEN Drydocks, part of Noatum Maritime, acquired 100% ownership of Balenciaga Astilleros Shipyard, one of Spain’s most established and technologically advanced shipbuilding and repair facilities, for a total consideration of EUR 11.2 million.
• Sold KEZAD Logistics Park – KLP Free Zone 3 (FZ3) in Abu Dhabi, a free zone industrial and logistics group of warehouse assets to MAIR Group for AED 295 million.
• Launched the 450,000 m² Metal Park, the world’s first pay-as-you-grow metals ecosystem in Abu Dhabi.
• Signed a 30-year concession agreement with Aqaba Development Corporation to manage and operate the brownfield Aqaba multipurpose port in Jordan.
• Joined Africa Ports Development’s (APD) 30-Year Concession for a New Dry Bulk Terminal in Douala Port – Cameroon, through an effective economic interest of 51%.

Feb 13: Urban Co-operative Banks (UCBs) are strengthening their position in India’s credit ecosystem, supported by steady balance growth, improving asset quality, and rising demand across both retail and small business segments.

Outstanding credit balances of UCBs stood at ₹3.4 lakh crore as of September 2025, representing a 1.9x increase over the last five years, according to Sahakaar Trends, a joint publication by the National Urban Co-operative Finance and Development Corporation (NUCFDC) and TransUnion CIBIL, India’s pioneer information and insights company.

While UCBs continue to hold a modest share of overall industry credit at around 1.8%, the data shows a system that is expanding in scale while adapting to changing borrower profiles, competitive dynamics, and regulatory expectations.

“UCBs are expanding more widely into Bharat, extending formal credit beyond large urban centres to households and small businesses in semi-urban and emerging regions. Their proximity to local communities allows them to serve borrowers where local context and relationships matter, helping bring more of Bharat into the formal credit system. As these banks expand their reach across retail and small-business lending, sustaining credit quality while broadening access will remain central to their role in supporting more balanced and inclusive economic participation,” said Mr. Bhavesh Jain, MD and CEO, TransUnion CIBIL.

“The expanding credit footprint of UCBs reflects strong borrower trust, particularly in semi-urban and emerging regions where access to formal credit remains critical. As these banks scale up, the focus must remain on strengthening institutional capacity, improving operational efficiency, and building resilient governance frameworks. Supporting UCBs through this transition is essential to ensuring that their growth continues to translate into meaningful financial participation and long-term economic stability,” said Shri Prabhat Chaturvedi, CEO, NUCFDC.

UCB Lending Remains Concentrated in Eight Core Products

Commercial loans, housing loans, retail business loans, loan against property, gold loans, personal loans, auto loans and loans against bank deposits dominate UCB balance sheets. As of September 2025, these products together accounted for nearly 83% of UCBs’ total outstanding balances, reflecting a continued emphasis on collateral-backed retail lending and credit to small enterprises.

The average housing loan ticket sizes for UCBs stood at around ₹23 lakh, compared to ₹26 lakh for housing finance companies. For gold loans, the average ticket size is ₹1.3 lakh for UCBs, compared to ₹2.3 lakh for PSU banks. In contrast, average commercial loan ticket sizes for UCBs were approximately ₹50 lakh, higher than ₹37 lakh for Public Sector Banks (PSUs), while personal loan ticket sizes averaged about ₹4.7 lakh, compared to ₹2 lakh for Non-Banking Financial Companies (NBFCs).

Gold Loans Present Growth Opportunity for UCBs

Gold loans account for about 5% of UCBs’ overall credit portfolio. Although they cater to a relatively higher share of below-prime borrowers in this segment compared with PSU banks, credit performance indicators have improved, with the balance-level delinquencies, measured as balances 90 days past due or more, declining steadily in recent periods.

Commercial Loans Account for Largest Share of UCBs’ Portfolio

Commercial loans account for the largest share of the total outstanding balances for UCBs, as of September 2025. Indexed to September 2020 as 100, enquiry-level data shows a sharper rise in commercial loan demand for UCBs by September 2025.

While UCBs recorded a higher conversion rate from enquiry to origination compared with PSU banks during the three months ended June 2025, the pace of disbursement remains slower, with 45% of originations disbursed within 15 days, compared with 61% for PSU banks. UCBs also cater to a higher share of entities with credit exposure exceeding ₹1 crore and also have a higher share of low-risk borrowers at 49% compared to 45% medium-risk borrowers and 6% high-risk borrowers1.

Housing Loan Demand Higher in Metro and Semi-Urban Regions

Housing loans constitute the second largest share of total outstanding balances for UCBs. Demand for housing loans has remained stable with UCBs recording 2x growth in the last five years attracting younger consumers, women, and New-to-Credit borrowers. Additionally, the growth has also been greater in urban and semi-urban regions.

The credit performance for housing loans has improved, with 90+ DPD balance-level delinquencies falling to 2.8% as of September 2025, from 3.2% in September 2024.

Customer Profile of Personal Loan Borrowers Has Improved for UCBs

Personal loan demand at UCBs has strengthened in recent periods. UCBs recorded higher conversion rates for personal loan enquiries at 39%, compared to 22% for NBFCs during the three months ended August 2025, although only 42% of these loans were disbursed within five days, compared with 68% for NBFCs. Additionally, the balance-level delinquencies for personal loans have steadily improved for UCBs and have been consistent for recent periods. The personal loan delinquencies (90+ DPD) declined from about 4.5% in September 2020 to approximately 2.1% by September 2025.

Opportunity Exists for UCBs to Expand Credit Reach

The data also points to a gap in portfolio deepening. As of March 2025, UCBs had approximately 30 lakh live retail borrowers, of which around 1.7 lakh, or about 6%, also had a commercial credit footprint. During April to September 2025, nearly 3,000 such borrowers sourced new commercial loans from PSU banks, with total sanctioned amounts of about ₹724 crore, including approximately ₹442 crore extended to low- and medium-risk borrowers.

Overall, the sustained growth of UCBs reflects a sector that is strengthening its balance sheets while accelerating efforts to modernise its operations and risk frameworks. Backed by improving asset quality, disciplined credit expansion, and rising adoption of technology‑enabled processes, UCBs are increasingly well positioned to serve their core constituencies with greater efficiency and resilience.

“As UCBs continue to balance their community-rooted strengths with data‑led decisioning and regulatory alignment, they are set to play an increasingly meaningful role in supporting inclusive economic growth and deepening formal credit penetration across India’s urban and semi‑urban landscape,” Mr. Jain said.

Feb, 13 : The Indian School of Business (ISB) has announced the DSP Scholarship Programme for students of its Post Graduate Programme in Management for Young Leaders (PGP YL), supported by a multi-year CSR gift from DSP Asset Managers Private Limited (DSPAM). The need-cum merit scholarship will provide 100% tuition fee waivers to recipients over multiple years, beginning with the current academic year.

Under the DSP Scholarship Programme, two PGP YL students from the current class will be supported, followed subsequently by five students each year. This sustained commitment reflects DSPAM’s focus on enabling access to high-quality management education for talented young individuals at an early stage of their academic and professional journeys.

The MoU for this scholarship was exchanged in the presence of Aditi Kothari Desai, Chairperson, DSP Asset Managers Private Limited; Dean Madan Pillutla; Kalpen Parekh, Managing Director & CEO, DSP Mutual Fund; and DNV Kumara Guru, Senior Director – Advancement, Alumni Engagement and External Relations, ISB.

The PGP YL is ISB’s early-entry management programme, designed to nurture high-potential students through a rigorous, globally benchmarked curriculum and immersive learning experiences. By easing financial constraints, the DSP Scholarship Programme will enable recipients to focus fully on their academic development, leadership growth, and long-term aspirations.

Commenting on the initiative, Aditi Kothari Desai, Chairperson, DSP Asset Managers Private Limited, said

“At DSP, we strongly believe that leadership development begins early, and that access to high-quality education should never be limited by financial constraints. Through this multi-year scholarship program with ISB, we are investing in young leaders at a formative stage of their journey, enabling them to focus on learning, self-discovery, and long-term impact. This initiative reflects our commitment to building a strong and inclusive foundation for future leadership in India.”

Adding to this, Ravi Patodi, Head – Human Resources, DSP Asset Managers, said

“The scholarship program with ISB reflects DSP’s long-standing belief that access to quality education can shape long-term outcomes for individuals and for institutions. We see this as an investment in potential at a formative stage of leadership development. Our continued engagement with educational initiatives, including our support for the MVBS Hostel in Dadar which provides boarding and scholarship assistance to college students, stems from the same philosophy enabling talent with continuity, care, and a long-term perspective.”

Welcoming the support from DSPAM, Professor Madan Pillutla, Dean, Indian School of Business, said

The DSP Scholarship Program adds to ISB’s growing portfolio of merit and need-based scholarships for the recently launched PGP YL, reinforcing the School’s commitment to inclusion and access as it prepares the next generation of responsible business leaders.

New Delhi, Feb 13: Leading global professional services firm Alvarez & Marsal (A&M) India has announced the appointment of Tanmay Bhargav as Managing Director within its Disputes and Investigations practice. This strategic addition reflects A&M’s commitment to deepening its expertise in complex investigations, dispute advisory and antitrust matters.

With over 24 years of experience across forensic services, infrastructure advisory, regulatory matters, and financial services, Mr. Bhargav specializes in disputes, investigations, fraud risk management, governance and compliance, and construction and infrastructure matters. He has provided expert witness testimony related to shareholder disputes, computation of claims for loss of profits, business interruption, business valuation, and consumer claims, among others.

Mr. Bhargav has led high-stakes investigations involving fraud, corruption, financial misstatements, and regulatory enforcement, working closely with regulators, law enforcement agencies, and the Competition Commission.

Prior to joining A&M, he was a Partner at KPMG in India, where he led forensic services for infrastructure and antitrust matters. He holds a Master’s in Finance from the London Business School and is a member of the Institute of Chartered Accountants of India.

Himanshu Bajaj, Managing Director & Head – A&M India and GCC, said,

“As organizations face increasing regulatory scrutiny and complex enforcement environments, they need seasoned advisors who can navigate disputes and investigations with rigor, independence, and credibility. Tanmay’s expertise across investigations, disputes, and regulatory matters will further strengthen A&M’s ability to help clients manage risk, uphold governance, and ensure compliance.”

Dhruv Phophalia, Managing Director and Head of A&M’s Disputes and Investigations practice in India, added,

“Tanmay’s appointment underscores A&M’s commitment to supporting clients across high-stakes investigations and dispute resolution. His deep sector knowledge and experience with regulatory bodies will enhance our ability to provide clients with pragmatic, defensible solutions.”

Tanmay Bhargav, Managing Director, A&M India, said,

“The growing complexity of disputes and investigations in India has made robust governance and risk management a boardroom priority. A&M’s practical, hands-on approach and strong operational focus provide a powerful platform to support organizations in addressing these challenges. I am excited to join A&M and contribute to helping clients manage risk, resolve disputes, and strengthen governance and compliance across industries.”

Delhi, Feb 13: Vegas Mall, the premier fashion, lifestyle, entertainment and dining destination in Dwarka, is excited to announce the grand opening of Kraus Jeans on the 2nd floor. This new addition further elevates Vegas Mall’s curated fashion mix and offers shoppers an expanded range of premium, trend-driven denim and casualwear options.

Kraus Jeans, known for its high-quality denim and stylish fits for women, brings an exciting new shopping experience to fashion-savvy customers visiting Vegas Mall. The brand’s latest collection — featuring a variety of fits, washes, and styles will now be accessible to the mall’s diverse clientele right in the heart of Dwarka.

“We are delighted to welcome Kraus Jeans to the Vegas Mall family,” said Ravinder Choudhary, Vice-President, Vegas Mall. “Fashion is at the core of what we offer here, and Kraus Jeans’ entry underscores our commitment to bringing both established and emerging brands to our shoppers. With the continued growth of our fashion portfolio, we aim to provide even more choices and a superior shopping experience for visitors from Dwarka and beyond.”

Vegas Mall continues to be a go-to destination for discerning shoppers, housing a wide range of national and international apparel brands, lifestyle outlets, entertainment venues and dining options under one roof. The opening of Kraus Jeans aligns with the mall’s ongoing strategy to enrich the retail experience and meet evolving customer preferences.