Dubai DP World’s posts record H1 profit; warns growth outlook to moderate
Dubai-based DP World on Thursday posted a record net profit for H1-2022 supported by higher revenue from acquisitions and growth in high margin cargo. The global port operator warned it expects growth rates to moderate for the rest of the year.
Net profit attributable to shareholders for the period jumped 51% year-on-year (y-o-y) to $721 million, the port operator said in statement.
Revenue came in at $7.93 billion, up over 60%, supported by acquisitions, strong performance of “feedering services and growth in high margin cargo”.
Container revenue per TEU rose over 9% driven by higher demand for storage.
DP World gave capital expenditure guidance for 2022 is up to $1.4 billion with investments planned into UAE, Jeddah (Saudi Arabia), LondonGateway (UK), Sokhna (Egypt), Senegal and Callao (Peru).
Capital expenditure for H1 was $741 million, versus $687 million in 2021, and was invested across the existing portfolio.
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