DP World's full-year profit soars 37% on strong revenue growth

DP World's full-year profit soars 37% on strong revenue growth

DP World, one of the world's largest port operators, said its annual profit soared 37 per cent in 2022, on higher revenue growth driven by the solid performance of ports and terminals, and marine services.

Profit attributable to owners of the company, after separately disclosed items during the year, increased to more than $1.2 billion from 2021, DP World said in a filing to Nasdaq Dubai on Thursday.

Revenue for the year surged 59 per cent to more than $17 billion, supported by acquisitions and like-for-like growth, with containerised revenue increasing by 12 per cent on higher demand for ancillary container services.

DP World reported a 3 per cent rise in container volumes last year, handling 79 million 20-foot equivalent units, or TEUs, across its global portfolio, with the Asia-Pacific region and India, growing 6 per cent, Australia and Americas expanding 5 per cent, and the Middle East, Africa and Europe gaining 1.5 per cent.

The global port operator’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) grew 31 per cent to more than $5 billion.