DP World first-half profit jumps 52% to record $721 mn

Driven by growth in cargo
DP World first-half profit jumps 52% to record $721 mn
DP World

DP World, one of the world’s largest port operators, said it posted a record profit in the first half of 2022, driven by growth in cargo, leaving it well positioned to deliver better full-year results. Profit attributable to owners of the company, before separately disclosed items, increased 52 percent in the first six months to June 30 to $721 million, from $475m in the first half of 2021, the Dubai-based company said in a statement on Thursday.

Revenue grew 60 percent on a reported basis to $7.9 billion, fuelled by acquisitions and the strong performance of feeding services, the company said. Container revenue per TEU increased more than 9 percent, driven by higher demand for storage.

“This significant growth demonstrates that our strategy to focus on high margin cargo and to offer customized supply chain solutions will provide sustainable returns in the long term” Sultan Ahmed Bin Sulayem, DP World group chairman and chief executive, said.

“Overall, the strong first-half performance leaves us well placed to deliver improved full-year results,” he added. 

The company handled 39.5 million twenty-foot equivalent units (TEU) across its global portfolio of container terminals in the first half of this year, up more than 2 percent annually, as global trade picked up, it said last month.

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