DP World has reported first half profits of $475 million for 2021, an increase of nearly 52% on 2020 levels.
The global logistics operator announced it has increased revenue to $4.94 billion in the six months to June 2021, a 21% increase on the $4.07 billion reported in the year prior.
DP World said profits were buoyed by strong trade and acquisitions in India, Australia, and the UK.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said, “In recent years we have seen cargo owners respond positively to our integrated end-to-end product offering and we aim to continue with our drive to enable trade.
“Our recently announced acquisitions of Imperial Logistics and syncreon bring value-add capabilities in high growth verticals and markets, which will allow us to offer a more compelling set of supply chain solutions.
“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 and Africa.”
The company invested $687 million across the existing portfolio during the first half of 2021.
Capital expenditure guidance for 2021 is approximately $1.2 billion; with investments planned into UAE, Canada, Jeddah (Saudi Arabia), Berbera (Somaliland), Sokhna (Egypt), Luanda (Angola), P&O Ferries, London Gateway (UK) and Callao (Peru).
DP World said its portfolio has delivered strong performance in the first half of 2021, due to higher consumer spend and rebounds in global trade. Its near-term outlook remains positive, but the operator expects growth rates to moderate.
“Overall, the near-term outlook remains positive, and while we are mindful that the COVID-19 pandemic and geopolitical uncertainty could once-again disrupt the global economic recovery, we remain positive on the medium to long-term fundamentals of the industry and DP Worlds ability to continue to deliver sustainable returns,” Bin Sulayem added.
