The global port and terminal operator DP World has announced strong financial results for the six months of 2022 with total revenue growing 60.4%, compared with the same period last year.
The company’s revenue reached US$7.932 billion, mainly driven by acquisitions, strong performance of feeder services and growth in high-margin cargo. Additionally, DP World’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) climbed to US$2.441 billion and adjusted EBITDA margin to 30.8%.
“We are delighted to report a record set of first half results with adjusted EBITDA growing 34.6% and attributable earnings rising 51.8%. This significant growth demonstrates that our strategy to focus on high margin cargo and to offer customized supply chain solutions will provide sustainable returns in the long term,” commented DP World Group chairman and CEO, Sultan Ahmed Bin Sulayem.
Furthermore, the UAE-based port operator reported that its profit for the first half of the year was 884 million, while profit attributable to owners of the company before separately disclosed items increased 51.8% on reported basis and 39.2% on a like-for-like basis.
Despite the strong performance in the first half of the year, DP World remains uncertain about the outlook in the end of 2022.
“We expect growth rate to moderate in the second half of 2022 in a more challenging economic environment,” pointed out DP World in a statement. “Outlook is uncertain due to geopolitics, higher inflationary environment, currency fluctuations and continued supply chain disruptions.”
Sultan Ahmed Bin Sulayem concluded, “Overall, the strong first half performance leaves us well placed to deliver improved full year results. However, the near-term outlook remains uncertain due to the more challenging macro and geopolitical environment. Consequently, we expect growth rates to moderate in the second half of 2022. Nevertheless, we remain positive on the medium to long-term fundamentals of the industry and DP World’s ability to continue to deliver sustainable returns.”
| Results before separately disclosed items unless otherwise stated | First half of 2022 | First half of 2021 | As reported % change | Like-for-like
% change |
| Gross throughput (TEU ‘000) | 39,488 | 38,598 | +2.3% | +2.7% |
| Consolidated throughput (TEU ‘000) | 22,918 | 22,566 | +1.6% | +1.4% |
| Revenue | 7,932 | 4,945 | +60.4% | +20.1% |
| Share of profit from equity-accounted investees | 84 | 76 | +10.1% | +14.2% |
| Adjusted EBITDA | 2,441 | 1,813 | +34.6% | +23.6% |
| Adjusted EBITDA margin | 30.8% | 36.7% | – | 38.2% |
| EBIT | 1,481 | 1,117 | +32.6% | +26.1% |
| Profit for the period | 884 | 585 | +51.2% | +40.5% |
| Profit for the period attributable to owners of the Company | 721 | 475 | +51.8% | +39.2% |
