The Dubai-based group, DP World reported record profit in the first half of the year. 

DP World has announced strong financial results for the six months to 30 June 2022 with total revenue growing 60.4% year-on-year and 20.1% on a like-for-like basis.  

Market conditions were positive with steady container volume growth of 1.8% on a like-for like basis. Container stevedoring revenues grew by 5.6% on a like-for-like basis as the group’s focus on higher margin cargo yielded improved results. Demand for ancillary services was also strong with like-for-like growth of 21.2% in other container revenue.

The company report that revenue in the region grew 64.5% to $5,195 million on a reported basis, mainly due to the acquisition of Imperial Logistics and syncreon. Like-for-like revenue grew 13.9% due to a strong performance in both container and non-container activity.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: 

“We are delighted to report a record set of first half results with adjusted EBITDA growing 34.6% and attributable earnings rising 51.8%. This significant growth demonstrates that our strategy to focus on high margin cargo and to offer customized supply chain solutions will provide sustainable returns in the long term. Encouragingly, cargo owners continue to respond positively to our end-to-end product offering and we are focused on integrating our recent logistics acquisitions to further drive revenue synergies. We continue to invest in high growth verticals and markets to offer compelling supply chain solutions, and by leveraging our best-in-class infrastructure across logistics, ports & terminals, economic zones, digital and marine services, DP World aims to lower inefficiencies and improve connectivity in key trade lanes."