DP World Limited announced strong financial results for the year 2021, achieving a revenue growth of 26.3 percent to $10.778 billion and adjusted EBITDA growth of 15.3 percent to $3.828 billion, with adjusted EBITDA margin of 35.5 percent.
The revenue increase from $2.245 billion to $10.778 billion is supported by acquisitions and new concessions including Angola, Unico and Transworld.
Like-for-like revenue rose by 11.7 percent with like-for-like containerized revenue up 14.2 percent driven by volume growth, while containerized revenue growth is higher than volume growth mainly due to higher storage and reefer monitoring revenue.
Like-for-like non containerized revenue grew 9.5 percent with a strong performance from the Feedering business.
Cash from operating activities increased by 27.3 percent to a record $3.692 billion in 2021 ($2.901 billion in 2020), while leverage (net debt to adjusted EBITDA) stood at 3.7 times (Pre-IFRS16) despite higher net debt of $12.2bn ($11.0bn 2020).
On a post-IFRS16 basis, net leverage stood at 4.2 times compared to 4.3 times at FY2020.
The company recorded capital expenditure of $1.393 billion ($1.076 billion in 2020) invested across the existing portfolio. Meanwhile, capital expenditure guidance for 2022 is up to $1.4 billion with investments planned into UAE, Jeddah (Saudi Arabia), London Gateway (UK), Berbera (Somaliland), Sokhna (Egypt), Indonesia and Callao (Peru).
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented, “This significant growth once again demonstrates that our strategy to deliver integrated supply chain solutions will drive sustainable long-term returns.”