DP World, one of the world's largest port operators, said its annual profit rose by 5.9 per cent in 2021, fuelled by higher revenue from acquisitions and new concessions and fast-growing trade lanes in Asia, the Middle East and Africa.
Profit attributable to owners of the company, after separately disclosed items during the year, increased to $896 million, up from $846m in 2020, DP World said on Thursday in a regulatory filing to Nasdaq Dubai.
Revenue grew 26.3 per cent a year to $10.77 billion on a reported basis.
“Growth was broad-based across our terminals and logistics assets as we begin to drive synergies across our portfolio,” said Sultan bin Sulayem, DP World's group chairman and chief executive.
“This significant growth, once again, demonstrates that our strategy to deliver integrated supply chain solutions will drive sustainable long-term returns.”
The Covid-19 pandemic led to supply chain disruptions and a surge in e-commerce demand that drove up the price of shipping goods and hampered capacity at major ports.
DP World reported a 9.4 per cent rise in container volumes last year, handling 77.9 million 20-foot equivalent units, or TEUs, across its global portfolio, with the Asia-Pacific, India, the Americas and Australia regions recording double-digit growth.
DP World's adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) grew by $500m to a record of $3.8bn in 2021, the company said.
Cash from operating activities increased 27.3 per cent a year to a record $3.69bn in 2021 while capital expenditure rose to $1.39bn in 2021, up from $1.07bn in 2020, as the company invested across its existing portfolio.
DP World last month concluded its acquisition of South Africa’s Imperial Logistics after all conditions, including regulatory approval, were met. The deal will strengthen the ports operator's position in Africa.
Capital expenditure guidance for 2022 is at $1.4bn, with investments planned into the UAE, Jeddah, London Gateway, Berbera in Somaliland, Sokhna in Egypt, Indonesia and Callao in Peru, DP World said.
The company had an “encouraging start” to trading in 2022 and remains focused on delivering integrated supply chain services to cargo owners, it said.
The medium-to-long term outlook remains “positive” but factors such as rising inflation and geopolitics continue to cause some uncertainty within the global economy, the company said.
“Looking ahead to 2022, we expect our portfolio to continue to deliver growth 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,” Mr bin Sulayem said.
UAE currency: the story behind the money in your pockets
T20 SQUADS
Australia: Aaron Finch (c), Mitchell Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, D’Arcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa.
Pakistan: Sarfraz Ahmed (c), Fakhar Zaman, Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Hussain Talat, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shinwari, Hassan Ali, Imad Wasim, Waqas Maqsood, Faheem Ashraf.
Killing of Qassem Suleimani
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Company%20profile%20
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Zayed Sustainability Prize
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Huddersfield Town permanent signings:
- Steve Mounie (striker): signed from Montpellier for £11 million
- Tom Ince (winger): signed from Derby County for £7.7m
- Aaron Mooy (midfielder): signed from Manchester City for £7.7m
- Laurent Depoitre (striker): signed from Porto for £3.4m
- Scott Malone (defender): signed from Fulham for £3.3m
- Zanka (defender): signed from Copenhagen for £2.3m
- Elias Kachunga (winger): signed for Ingolstadt for £1.1m
- Danny WIlliams (midfielder): signed from Reading on a free transfer
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The biog
Name: Gul Raziq
From: Charsadda, Pakistan
Family: Wife and six children
Favourite holes at Al Ghazal: 15 and 8
Golf Handicap: 6
Childhood sport: cricket
