Dubai's DP World posts 37% jump in net profit but warns growth will soften in 2023
Dubai-based global port operator DP World reported a 37% rise in 2022 net profit, attributable after separately disclosed items, to $1.23 billion on strong revenue growth and said the performance for the year was ahead of expectations.
Revenue grew 59% to $17.13 billion supported by acquisitions and like-for-like growth driven by the solid performance of ports and terminals, and marine services, the company said in a statement on Nasdaq Dubai on Thursday.
Adjusted EBITDA grew 31% to $5 billion with adjusted EBITDA margin of 29.3%. Cash generated from operating activities increased by 20.6% to a record $4.45 billion in 2022 versus $3.69 billion in 2021.
The global port operator gave capital expenditure guidance for 2023 at approximately $1.7 billion, to be invested in UAE, Saudi Arabia, London Gateway, Dakar, Congo, Peru and DPW Logistics in South Africa.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said: "Our continued focus on high-margin cargo and end-to-end supply chain solutions is the key driver of these results, and we believe this strategy will continue to yield sustainable returns over the long term."
He said while the start of 2023 has been encouraging, "the outlook is uncertain due to the more challenging macro and geopolitical environment, and we expect growth rates to soften in 2023."
