DP World’s revenues grow 58.9 per cent to Dhs62.89 billion
- 16 Mar 2023
DP World Limited has announced strong financial results for the year ended 31st December 2022. On a reported basis, revenue grew 58.9% to Dhs62.89 billion ($17,127 million).
The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) grew 31% to Dhs18.41 billion ($5,014 million) with adjusted EBITDA margin of 29.3%.
In a statement to Emirates News Agency (WAM), DP World announced that revenue increased by Dhs23.31 billion ($6,349 million) to Dhs62.89 billion ($17,127 million) -- (Revenue growth of 58.9% on a reported basis).
The revenue growth of 58.9% was supported by acquisitions and like-for-like revenue growth driven by the solid performance of Ports and Terminals, and Marine Services.
The company reported that containerised revenue increased by 12.1%, driven by higher demand for ancillary container services.
Like-for-like non-containerised revenue is up 18.3%, with a strong performance from “Unifeeder” due to improved average freight rates.
DP World also reported that Adjusted EBITDA increased by 31% to Dhs18.41 billion ($5,014 million) on strong revenue growth, and EBITDA margin for the year stood at 29.3%. Like-for-like adjusted EBITDA margin stood at 37.2%.
The broadening of strategic partnerships strengthened balance sheet and drove long-term value in addition to broadening of partnerships and monetisations to rose over Dhs29.38 billion ($8 billion) to significantly strengthen balance sheet and provide long-term flexibility.
The partnerships with Caisse de dépôt et placement du Québe (CDPQ) and Hassana Investment Company (Hassana) partnerships in UAE raises Dhs27.17 billion ($7.4 billion) to help capture the growth potential of the wider region. Also, the expansion of National Investment and Infrastructure Fund (NIIF) India partnership and new partnership with the UK’s development arm British International Investment (BII) to rose approximately Dhs2.20 billion ($600 million).
DP World also announced robust cash generation and a stronger balance sheet on asset monetisations, with cash generated from operating activities increased by 20.6% to a record Dhs16.34 billion ($4,451 million) in 2022, compared to Dhs13.55 billion in 2021 ($3,692 million).
The leverage (Net debt to adjusted EBITDA), on a pre-IFRS16 basis, declines to 2.7x (FY2021: 3.7x), due to improved profitability and lower net debt. On a post-IFRS16 basis, net leverage stands at 3.0 times compared to 4.2 times in FY2021.
