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Adjusted EBITDA grew 18.2% to $1,813 million in the first six months of 2022
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Revenue increased 21.3% to $4,945 million
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Near-term outlook remains positive but with growth rates expected to moderate
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Capital expenditure of $687 million was invested during the first half
DP World posted strong financial results in the first half, on the back of higher consumer spend and rebound in global trade, the company said in a statement.
The near-term outlook remains positive but with growth rates expected to moderate, it said.
For the first half, adjusted EBITDA grew 18.2% to $1,813 million. Revenue increased 21.3% to $4,945 million supported by acquisitions and strong growth in India, Australia, and United Kingdom.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said the growth “demonstrates that we are in the right locations and a focus on origin and destination cargo will continue to deliver the right balance between growth and resilience.”
Profit attributable to owners jumped 51.9% to $475 million. Cash from operating activities amounted to $1,490 million in the first half compared to $1,124 million year-on-year.
Capital expenditure of $687 million was invested across the existing portfolio during the first half of the year, the company said. Capital expenditure guidance for 2021 is for approximately $1.2 billion with investments planned in the UAE, Canada, Jeddah (Saudi Arabia), Berbera (Somaliland), Sokhna (Egypt), Luanda (Angola), P&O Ferries, London Gateway (UK) and Callao (Peru).
Sultan Ahmed Bin Sulayem noted that the “recently announced acquisitions of Imperial Logistics and syncreon bring value-add capabilities in high growth verticals and markets, which will allow us to offer a more compelling set of supply chain solutions. By leveraging our best-in-class infrastructure across inland logistics, ports & terminals, economic zones and marine logistics network, DP World aims to lower inefficiencies and provide improved connectivity in fast growing trade lanes such as Asia, Middle East & Africa.”
He added, “Importantly, we continue to make positive progress with our capital recycling program and this combined with the strong operational performance, leaves us well positioned to deliver on our 2022 combined (DP World and PFZW) leverage target of less than 4x Net Debt to adjusted EBITDA (Pre IFRS16).
“Overall, the near-term outlook remains positive, and while we are mindful that the Covid-19 pandemic and geopolitical uncertainty could once-again disrupt the global economic recovery, we remain positive on the medium to long-term fundamentals of the industry and DP Worlds ability to continue to deliver sustainable returns.”
