Dubai’s DP World reported net profits of $884mn, a 51% YoY jump in 1H 2022 on stronger revenue growth and focus on high-margin cargo. Revenues grew 60% YoY to $7.9bn on the back of acquisitions and strong performance of feedering services (transshipment of goods from one ship to another). Containerized revenues rose 9.2% YoY on high demand for storage. Adjusted EBITDA rose 34.6% to $2.4bn with EBITDA margins of 30.8%. Cash flows from operating activities increased 29.6% YoY to $1.9bn. Net leverage declined to 4.1x from 6x in 2021. As of June, the company had cash of $3.3bn and borrowings of $14.2bn. Capital expenditure stood at $741mn vs. $687mn in 1H 2021 with a guidance for $1.4bn in capex for 2022 for investments planned into UAE, UK, Peru and Saudi Arabia. DP World said that it expects growth to moderate in the second half of this year due to a more challenging economic environment growth.
DP World’s 3.75% 2030s traded lower 0.56 points to 96.43 to yield 4.32%.