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.
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs
Engine: 3.6 V6
Transmission: 8-speed auto
Power: 295bhp
Torque: 353Nm
Price: Dh155,000
On sale: now
Brief scoreline:
Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Total eligible population
About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
