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August 20, 2021

DP World records nearly 52% profit surge in H1 2021

DP World recorded cash from operating activities of $1.49bn during the first six months of this year.

Dubai-based port operator DP World has reported a surge in first half-profit, driven by strong growth in India, Australia and the UK.

Profit attributable to its owners before separately disclosed items climbed 51.9% on a reported basis and 39.4% on a like-for-like basis.

On a reported basis, the company earned revenues of $4.94bn in the first six months of this year, which is a year-on-year increase of 21.3%.

The company’s like-for-like revenue increased by 9%.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 18.2% to $1.81bn, while the adjusted margin was 36.7%.

Meanwhile, the company’s like-for-like adjusted EBITDA margin was 38.5%.

Cash from operating activities was $1.49bn in the six months to June 2021, versus $1.12bn a year ago.

In the first half of this year, the company saw $687m in capital expenditure invested across its current portfolio.

DP World targets nearly $1.2bn in capital expenditure for the full year.

It plans to invest in the UAE; Canada; Jeddah, Saudi Arabia; Berbera, Somaliland; Sokhna, Egypt; Luanda, Angola; P&O Ferries; London Gateway, UK; and Callao, Peru.

According to the company, its portfolio showcased strong performance during the first half of this year due to an increase in consumer spending and the rebound in international trade.

In a statement, DP World said, “Near term outlook remains positive but we expect growth rates to moderate.”

DP World group chairman and CEO Sultan Ahmed Bin Sulayem said: “In recent years we have seen cargo owners respond positively to our integrated end-to-end product offering and we aim to continue with our drive to enable trade.

“Our 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.

“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 World’s ability to continue to deliver sustainable returns.”

Recently, DP World concluded a trial of the Boxbay high bay storage concept at the first full-size facility located in Jebel Ali port, Dubai, the UAE.

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