DP World Limited has announced strong 2021 financial results. Revenue grew 26.3% to $10.78bn and adjusted EBITDA grew 15.3% to $3.83bn with adjusted EBITDA margin of 35.5%.
Revenue growth of 26.3% was supported by acquisitions and new concessions including Angola, Unico and Transworld. Like-for-like revenue increased by 11.7% with like-for-like containerised revenue up 14.2% driven by large volume growth. Containerised revenue growth was higher than volume growth due to higher storage and reefer monitoring revenue. Non containerised revenue up 9.5% with a strong performance from Feedering.
Adjusted EBITDA of $3.83bn, growing 15.3%, with an adjusted EBITDA margin of 35.5%. This was a decline in the EBITDA margin due to a change in mix with the consolidation of lower margin Logistics businesses. Cash from operating activities increased 27.3% to a record $3.69bn in 2021, the figure was $2.9bn in 2020.
Terminals have remained open to service cargo owners despite challenge with pandemic, helping DP World to deliver strong operational performance with berth productivity maintained despite an unreliable schedule.
The company saw 2021 capital expenditure of $1.39bn ($1.08bn in 2020) invested across the existing portfolio. Capital expenditure guidance for 2022 is for up to $1.4bn with investments planned into UAE, Jeddah (Saudi Arabia), London Gateway (UK), Berbera (Somaliland), Sokhna (Egypt), Indonesia and Callao (Peru).
It has plans for acquisitions to bring value-add capabilities, exposure to high growth markets and long-term relationship with cargo owners, such as Syncreon and Imperial Logistics, helping to bring new capabilities in fast growing vertical markets.
Source: DP World
