The firm shared that its operational performance remains strong despite disruptions. Terminals have remained open to service cargo owners despite challenges faced due to the pandemic
Dubai-based multinational logistics firm DP World has revealed record results in FY 2021 with its earnings before interest, taxes, depreciation, and amortisation (EBITDA) increasing 15.3 percent year-on-year to $3.8 billion, and revenue climbing 26.3 percent year-on-year to $10.77 billion.
The revenue increased by a margin of $2.2 billion on a reported basis supported by acquisitions and new concessions, including Angola, Unico, and Transworld. In 2021, DP World signed a 20-year concession agreement with the Government of Angola to operate the Multipurpose Terminal (MPT) at the Port of Luanda.
In a statement, the firm shared that its operational performance remains strong despite disruptions. Terminals have remained open to service cargo owners despite challenge faced due to the pandemic.
Moreover, DP World delivered strong operational performance by maintaining berth productivity despite low schedule reliability.
The pandemic, rising inflation, and geopolitics continues to cause some uncertainty but medium-to-long term outlook remains positive, the firm added.
DP World’s credit rating remains investment grade at BBB- with stable outlook by Fitch, and Baa3 with a stable outlook by Moody’s.
DP World stated that it remains committed to a strong investment grade rating in the medium term.
The DP World group chairman and CEO, Sultan Ahmed Bin Sulayem (above), said: “We are delighted to report these strong set of results with adjusted EBITDA growing by $0.5 billion to a new record of $3.8 billion. Importantly, growth was broad based across our terminals and logistics assets as we begin to drive synergies across our portfolio. This significant growth once again demonstrates that our strategy to deliver integrated supply chain solutions will drive sustainable long-term returns.
“Furthermore, our recently announced acquisition of Imperial Logistics and syncreon will bring value-add capabilities in high growth verticals and markets, which will allow us to offer a more compelling set of supply chain solutions.”
He added: “By leveraging our best-in-class infrastructure across inland logistics, ports & terminals, economic zones and marine logistics network, DP World aims to lower inefficiencies and provide improved connectivity in fast growing trade lanes such as Asia, Middle East & Africa.
“Overall, we are pleased with the 2021 performance and 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.”
SOURCE: arabianbusiness.com