The shares of the leading port operator and logistic company gained up to 12 percent after the company’s subsidiary has signed a concession agreement to operator container terminal.
With a market capitalization of Rs 3.43 lakh crore, the shares of Adani Ports And Special Economic Zone Ltd were trading at Rs 1,590.90 per share, increasing around 10.66 percent as compared to the previous closing price of Rs 1,437.70 apiece.
As per the company filing, Adani International Ports Holdings Pte Ltd (AIPH) , a wholly owned subsidiary of Adani Ports And Special Economic Zone Ltd has signed a concession agreement with the Tanzania Port Authority to operate and manage container terminal 2 at Dar es Salaam port, Tanzania.
Moreover, container terminal 2, with four berths, has an annual cargo handling capacity of 1 million TEUs and managed 0.82 million TEUs of containers in 2023, estimated to be 83% of Tanzania’s total container volumes.
Furthermore, on May 31, 2024, East Africa Gateway Limited (EAGL), a joint venture of AIPH, AD Ports Group, and East Harbour Terminals Limited (EHTL), signed a Share Purchase Agreement to buy a 95% stake in Tanzania International Container Terminal Services Limited (TICTS) from Hutchison Port Holdings Limited (and its affiliate Hutchison Port Investments Limited) and Harbour Investment Limited for USD 39.5 million. Adani will run CT2 using TICTS.
Looking into the Adani Ports And Special Economic Zone’s financial performance, revenue surge by 19 percent from Rs 5,797 crore in Q4FY23 to Rs 6,896 crore in Q4FY24, during the same time frame net profit climbed by 77 percent from Rs 1,139 crore to Rs 2,015 crore.
APSEZ received the first ranking in the sector globally across emerging markets on ESG Assessment by Moody’s Also, received the advanced status in moody’s energy transition rating. The company is targeting net zero by 2040, and during FY24 the company announced adding 1,000 MW of new renewable capacity.
Adani Ports and Special Economic Zone Limited is an India-based integrated port and logistics firm. The company’s segments include port and special economic zone (SEZ) activities, as well as Others.
Written by:- Abhishek Singh
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