Adani Ports Clarifies Haifa Port Contribution to Revenue
PORTS & SHIPPING

Adani Ports Clarifies Haifa Port Contribution to Revenue

Adani Ports and Special Economic Zone Ltd of India published a clarification during a dip in stock prices, noting that Haifa's entire contribution to APSEZ's stats is only 3% of total cargo volume. 

“The overall contribution of Haifa in APASEZ’s numbers is relatively small at 3 per cent of the total cargo volume. For the current financial year (Apr 23-Mar 24), we have guided for Haifa Cargo volumes range of 10-12 MMT and APSEZ’s total cargo volume guidance of 370-390 MMT. In the initial six months (Apr-Sep 23), APSEZ’s total cargo volume was 203 MMT, of which the Haifa share is 6 MMT. We stay confident of APSEZs business performance,” the company spokesperson said. 


The statement also stated that the corporation is on high alert and has a business continuity strategy in place. 

Shares of billionaire Gautam Adani's APSEZ plummeted as much as 3.8% as investors were concerned about the possibility of escalation of a conflict in Israel, where the firm operates a major port. 

Adani manages the Haifa Port in northern Israel in collaboration with a local company, which it purchased for 4 billion shekels ($1.03 billion) in January. 

Haifa is a major seaport in Israel, where almost 99 percent of all commodities enter and exit the nation by sea. 

Investors are concerned after the Palestinian Islamist group Hamas unleashed the most devastating military attack on Israel in decades, killing hundreds of Israelis. 

Adani Ports shares are down 2.1 percent this year, compared to roughly 8% advances on the broader Nifty 50 index. 

Haifa, located north of the current battle zone, is an important commerce hub on the Mediterranean. 

Adani, the group's founder and chairman, stated in January that the company would continue to invest in Israel. Adani Ports completed the sale of its port in sanction-hit Myanmar earlier this year for $30 million, which was much less than the company's investment in the project. 

Adani Ports and Special Economic Zone Ltd of India published a clarification during a dip in stock prices, noting that Haifa's entire contribution to APSEZ's stats is only 3% of total cargo volume. “The overall contribution of Haifa in APASEZ’s numbers is relatively small at 3 per cent of the total cargo volume. For the current financial year (Apr 23-Mar 24), we have guided for Haifa Cargo volumes range of 10-12 MMT and APSEZ’s total cargo volume guidance of 370-390 MMT. In the initial six months (Apr-Sep 23), APSEZ’s total cargo volume was 203 MMT, of which the Haifa share is 6 MMT. We stay confident of APSEZs business performance,” the company spokesperson said. The statement also stated that the corporation is on high alert and has a business continuity strategy in place. Shares of billionaire Gautam Adani's APSEZ plummeted as much as 3.8% as investors were concerned about the possibility of escalation of a conflict in Israel, where the firm operates a major port. Adani manages the Haifa Port in northern Israel in collaboration with a local company, which it purchased for 4 billion shekels ($1.03 billion) in January. Haifa is a major seaport in Israel, where almost 99 percent of all commodities enter and exit the nation by sea. Investors are concerned after the Palestinian Islamist group Hamas unleashed the most devastating military attack on Israel in decades, killing hundreds of Israelis. Adani Ports shares are down 2.1 percent this year, compared to roughly 8% advances on the broader Nifty 50 index. Haifa, located north of the current battle zone, is an important commerce hub on the Mediterranean. Adani, the group's founder and chairman, stated in January that the company would continue to invest in Israel. Adani Ports completed the sale of its port in sanction-hit Myanmar earlier this year for $30 million, which was much less than the company's investment in the project. 

Next Story
Infrastructure Urban

Campal Stadium Project Delayed

The football stadium and parade ground project in Campal, Panaji, which was initiated under the smart city plan, has yet to be completed, even though it is over a year past its original deadline. The project started on March 21, 2022, and according to the initial work order, it was supposed to be finished by September 20, 2023. Imagine Panaji Smart City Development Ltd (IPSCDL) has reported that 98% of the work is complete, with the final 2% expected to be finished by March 2025. "A small area where the concrete batching plant is situated needs completion," they said. The project's total est..

Next Story
Infrastructure Urban

Cleanliness Control Centre to Monitor Work, Complaints 24X7

Jaipur's cleanliness management system is set to be more efficient with the Integrated Command and Control Centre now operating 24/7. On Friday, Arun Kumar Hasija, CEO of Jaipur Smart City Limited, issued orders to implement this change. Hasija explained that the centre will supervise door-to-door refuse collection, sanitation operations, and mechanized cleaning activities. Special attention is being given to night-time cleaning across the city, with advanced machinery being used to sanitize road dividers in areas like the Walled City. The centre will now operate round-the-clock to improve c..

Next Story
Infrastructure Urban

Rs 1 Bn Plan for Waste Disposal at Bandhwari Landfill

A Rs 1 billion plan for disposing of over 10 lakh tonnes of legacy waste at the Bandhwari Solid Waste Treatment Plant has been submitted to the Department of Urban Local Bodies (ULB) for approval. The proposal is expected to be approved in an upcoming purchase committee meeting led by Haryana Chief Minister Nayab Singh Saini, officials from the Municipal Corporation of Gurugram (MCG) said. This proposal follows the December 17 deadline set by the National Green Tribunal (NGT) for MCG to submit an update on waste disposal progress at Bandhwari. Earlier this year, MCG had assured the NGT in an a..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000