DP World has posted a record net profit of $721 million for the first half of 2022, supported by higher revenue from acquisitions and growth in high margin cargo.
The global port operator said this was a 51 percent year-on-year and added that it expects growth rates to moderate for the rest of the year.
The company said its H1 revenue was $7.93 billion, a rise of 60 percent, supported by acquisitions, strong performance of feedering services and growth in high margin cargo.
Container revenue per TEU rose over 9 percent driven by higher demand for storage. Capital expenditure for H1 was $741 million, versus $687 million in 2021, and was invested across the existing portfolio.
Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer, said the record net profit was a result of the strategy to focus “on high margin cargo and to offer customized supply chain solutions will provide sustainable returns in the long term”.
“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, were main positive on the medium to long-term fundamentals of the industry and DP World’s ability to continue to deliver sustainable returns,” he said.
DP World plans up to $1.4 billion in investments into UAE, Jeddah, LondonGateway, Sokhna, Senegal and Callao (Peru).