Ports operator DP World’s revenues surge to $17.1m in 2022

Ports operator DP World’s revenues surge to $17.1m in 2022

Dubai’s DP World, one of the biggest global port operators, said its revenues surged by nearly 60 per cent to $17.1m (Dhs62.9bn) in 2022 from Dhs23.3bn a year earlier, driven by acquisitions and the solid performance of its ports and terminals and marine services. The ports operator’s containerised revenue increased by 12.1 per cent due to the increased demand for ancillary container services. Like-for-like non-containerised revenue also jumped by 18.3 per cent, with a strong performance from ‘Unifeeder’. DP World’s recorded adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of Dhs18.4bn, a 31 per cent increase owing to strong revenue growth, which reflects a margin of 29.3 per cent. The company said the broadening of strategic partnerships and monetisations of assets in 2022 strengthened its balance sheet and provided long-term flexibility, with more than Dhs29.4bn raised from the selling of stakes in key assets in the UAE. “In 2022, we focused on strengthening the balance sheet and raised over Dhs29.4bn billion through asset monetisations. This programme and new partnerships will allow us to continue to drive growth in our portfolio,” said Sultan Ahmed bin Sulayem, DP World group chairman and CEO. The fresh capital generated from asset monetisations provides