For the six months ending June 30, 2022, DP World Limited reported impressive financial results, with total revenue increasing by 60.4% on an annual basis and 20.1% on a like-for-like basis. Acquisitions, the efficient operation of feeder services, and the expansion of high-margin cargo all contributed to increased revenue. The increase in storage demand drove a 9.2% increase in container income per TEU.
The $628 million rise in adjusted EBITDA brought the half-year EBITDA margin to 30.8%. The adjusted EBITDA margin was 38.2% like for like. Before separately disclosed factors, the profit attributable to the company’s shareholders climbed to $721 million, up 51.8% on a reported basis and 39.2% on a like-for-like basis.
Cash from operating activities rose from $1,490 million in H1 2021 to $1,931 million in H1 2022, a 29.6% increase. From 5.9 times at FY2021, combined leverage including the PFZW guarantee (Net debt to annualised adjusted EBITDA) dropped to 3.8 times (pre-IFRS16). Net leverage is currently 4.1 times post-IFRS16 as opposed to 6.0 times in FY2021.
To considerably strengthen its balance sheet and increase long-term flexibility, the corporation expanded partnerships and monetisations to raise almost $9 billion. The first half of the year saw $741 million ($687 million in 2021) in capital expenditures spread throughout the current portfolio.
The new logistics assets from DP World generate value in areas and industries that are expanding quickly. Business transformation continues to be the near-term emphasis in order to achieve revenue synergies. By utilising our best-in-class infrastructure across logistics, ports & terminals, economic zones, digital, and maritime services, the company provided value-added solutions to cargo owners.
Although H1 2022 performance exceeded forecasts, the company anticipates a slower growth rate in H2 2022 due to a more difficult economic climate.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World said, “The strong first half performance of 2022 is due to our consistent investment in relevant capacity, focus on high margin cargo and drive to deliver customised solutions to cargo owners.”
