After reporting a 9.4% growth in its global container volumes last year, DP World sounded positive expectations for its performance this year — although acknowledging current risks which could impact this forecast.
"Overall, we are pleased with the 2021 performance, and looking ahead to 2022, we expect our portfolio to continue to deliver growth," said DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem.
The DP World chief noted that 2022 started well but the company is also watching out for factors that could drag this growth trajectory.
"And while the year has started encouragingly, we remain mindful that the geopolitical uncertainty, Covid-19 pandemic, continued supply chain disruptions, and rising inflation could hinder the global economic recovery," Bin Sulayem added.
In its financial results, DP World saw profits rise 15.3% in 2021, and on a reported basis, said revenue grew 26.3% to US$10,78 billion while adjusted EBITDA grew 15.3% to US$3.83 billion with an adjusted EBITDA margin of 35.5%.
Gross volumes last year stood at 77.93 million TEUs registering a 9.4% increase year-on-year.
DP World said container-generated revenue — which was up 18.7% to US$4.62 billion in 2021 — was higher than volume gains "mainly due to higher storage and reefer monitoring revenue."
"We are delighted to report this strong set of results with adjusted EBITDA growing by US$0.5 billion to a new record of US$3.8 billion," Bin Sulayem said.
"Importantly, growth was broad-based across our terminals and logistics assets as we begin to drive synergies across our portfolio. This significant growth once again demonstrates that our strategy to deliver integrated supply chain solutions will drive sustainable long-term returns," the DP World chief added.
DP World noted that revenue growth was supported by acquisitions and new concessions including Angola, Unico, and Transworld.
Moving forward, it said its new acquisitions will further boost its performance.
"Our recently announced acquisition of Imperial Logistics and Syncreon will bring value-add capabilities in high-growth verticals and markets, which will allow us to offer a more compelling set of supply chain solutions," Bin Sulayem said.
"By leveraging our best-in-class infrastructure across inland logistics, ports & terminals, economic zones and marine logistics network, DP World aims to lower inefficiencies and provide improved connectivity in fast-growing trade lanes such as Asia, Middle East & Africa."
