Adani Ports Special Economic Zone eyes Bataan for expansion into Philippines

The proposed project aims to establish a 25-meter-deep port capable of accommodating Panamax vessels.

Adani Ports and Special Economic Zone Limited (APSEZ) is set to venture into the Philippines, revealed APSEZ Managing Director Karan Adani during a courtesy call with Philippines President Ferdinand R. Marcos Jr at Malacañang on May 2.

According to a statement from the Presidential office, APSEZ Ltd. is eyeing the province of Bataan for its upcoming port development endeavor.

The proposed project aims to establish a 25-meter-deep port capable of accommodating Panamax vessels.

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President Marcos expressed enthusiasm for APSEZ's expansion plans, particularly suggesting a focus on ports for agricultural products, potentially enhancing the Philippines' global competitiveness, the release noted.

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APSEZ boasts seven strategically positioned ports and terminals along the west coast and eight on the east coast of the South East Asian nation.

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APSEZ reported consolidated quarterly figures for March 2024, showcasing robust growth. Net sales surged to Rs 6,896.50 crore, marking an 18.97% increase from March 2023's Rs 5,796.85 crore. Quarterly net profit soared to Rs 2,039.66 crore, reflecting a remarkable 76% rise compared to March 2023's Rs 1,158.88 crore.

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EBITDA also exhibited strong growth, reaching Rs 4,347.29 crore, up 19.01% from March 2023's Rs 3,652.95 crore. Adani Ports' earnings per share (EPS) climbed to Rs 9.44 in March 2024 from Rs 5.36 in March 2023, signaling substantial improvement.