Dubai's DP World sails into robust revenue growth in H1-2022, with profit at $884m – Gulf News

High margin cargo and strong gains on feeder services help with super-charged growth
Dubai: The Dubai ports and terminals operator DP World has sailed into a 60.4 per cent revenue growth in H1-2022 to $7.93 billion. The growth was supported by a mix of acquisitions in key overseas markets and ‘strong’ performance from feeder services.
Plus, of course, there was significant gains from the high margin cargo operations, as global shipping and trade movements took on more stability after the Covid distractions of 2020-21.
DP World’s profit for the first-half was $884 million, and that’s up 51.2 per cent year-on-year. Profit attributable to shareholders is $721 million.
“We are delighted to report a record set of first-half results with adjusted EBITDA growing 34.6 per cent and attributable earnings rising 51.8 per cent,” said Sultan Bin Sulayem, Chairman, and CEO. “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.
In its forecast, DP World says: “H1-2022 performance has been ahead of expectations but we expect growth rate to moderate in H2-2022 on more challenging economic environment.”
“In recent months, we announced several transactions to raise approximately $9 billion. This strengthening of the balance-sheet allowed us to achieve our 2022 leverage target of below 4x net debt to EBITDA, and this fresh capital also provides us with the flexibility to accelerate investment in key growth markets whilst maintaining an investment grade rating.”
The short-term outlook is ‘uncertain due to geopolitics, higher inflationary environment, currency fluctuations and continued supply chain disruptions‘. But “DP World remains positive on medium to long-term outlook for global trade and is focused on delivering integrated supply chain solutions to cargo owners to drive growth and returns,” the operator added.
According to Bin Sulayem, “Cargo owners continue to respond positively to our end-to-end product offering and we are focused on integrating our recent logistics acquisitions to further drive revenue synergies. We continue to invest in high growth verticals and markets to offer compelling supply chain solutions.”
“By leveraging our best-in-class infrastructure across logistics, ports and terminals, economic zones, digital and marine services, DP World aims to lower inefficiencies and improve connectivity in key trade lanes.”
Through this period, gross throughput handled was 39.48 million TEUs, a gain of 2.3 per cent, while within the Middle East, Europe and Africa port operations, the tally was 12.37 million TEUs, which is a 2 per cent gain.
“The near-term outlook remains uncertain due to the more challenging macro and geopolitical environment,” said Bin Sulayem. “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 Worlds ability to continue to deliver sustainable returns.”
DP World had a busy first-half when it comes to expanding alliances across continents. These include:

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