Dubai-based port group DP World increases revenue by 60% to $17.1bn in 2022 thanks to strong earnings at its ports and terminals division, as well as contributions from short sea shipping operator Unifeeder.
Group EBITDA increased 31% to USD 5 billion (20% like-for-like), while net profit was USD 1.8 billion, up 28%.
DP reported a 9% increase in container revenue for the year, driven primarily by higher demand for container ancillary services, particularly in the Americas. As previously reported, the group’s container throughput increased modestly during the year, to 79.0 Mteu (including minority-controlled terminals), an increase of 2.8% over 2021.
However, the group reported a 96% increase in non-containerized revenue, with a strong performance from Unifeeder, which benefited from higher freight rates. Excluding new acquisitions during the year, comparable non-containerized revenue increased 18%.
DP will keep capex unchanged this year at $1.7bn, which will be invested primarily in the UAE, Jeddah, London Gateway, Dakar, Banana and DPW Logistics in South Africa. The group hopes to expand port capacity from 57 Mteu at the end of 2022 to 60 Mteu at the end of 2023.
Source: Alphaliner
