According to Alphaliner, Dubai-based port group P World reported 60% growth in revenue during the first half of 2022, largely thanks to container ancillary services and its feeder & logistics business.
Despite a modest 2.3% increase in container throughput in the period, group revenue reached $7.9 billion in January-June, up from $4.9 billion in 2021, while net revenue they were 884 M USD compared to 585 M USD.
DP attributed the increase to acquisitions, strong food operations and higher margin charges.
All three of the group’s main regions posted revenue growth, but it was highest in Asia Pacific and India at +66.8%, where ancillary container revenue was up 24% and Feedertech and Unico made strong contributions from their food and logistics business.
In the Middle East, Europe and Africa (+64.5% in revenue), auxiliary container revenue was also up over 20%, while acquisitions of Imperial Logistics and syncreon boosted gains. Australia and the Americas saw a smaller increase of +42.5%. The group expects growth to moderate in the second half of the year.
Overall, container revenue per teu was up 9.2%, driven by higher storage revenue.
The company previously reported a throughput of 39.5 Mteu for the first half of 2022, up from 38.6 Mteu a year earlier.
DP will increase its consolidated capacity (where it has a majority stake) by 1 Mteu during 2022 and gross capacity (including capital investments) by 2.8 Mteu; see the table above.
Source: Alphaliner
