DP World Limited has announced its financial results for the first half of 2024, showing resilience despite global challenges.
The company reported a 3.3% increase in revenue, reaching $9.3 billion. However, adjusted EBITDA decreased by 4.3% to $2.5 billion, with an EBITDA margin of 26.8%, down from 28.9% in the same period last year.
The growth in revenue was driven by strong performance in Ports & Terminals, with container volumes rising by 6.1%. Despite disruptions in the Red Sea and increased investment in its logistics platform, DP World maintained robust cash flow, generating $2.1 billion from operations. The company’s balance sheet remains strong, with a net debt-to-EBITDA ratio of 3.8x on a pre-IFRS16 basis.
DP World invested $994 million in capital expenditure across its portfolio, with significant investments in key markets such as the UAE, the UK, India, and Africa. The company is focused on expanding its logistics capabilities and enhancing its freight forwarding platform, which now covers over 90% of global trade.
Looking ahead, DP World is optimistic about its ability to deliver improved EBITDA performance in the second half of 2024, despite ongoing geopolitical and macroeconomic challenges. The company remains committed to transitioning to net zero in line with the UAE's 2050 Initiative and is well-positioned to capitalize on the growing demand for customized logistics solutions.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, emphasized the company's strategic focus on high-margin cargo and comprehensive supply chain solutions, which have been key to its resilient financial performance in the first half of the year.
News Source: Dubai Media Office
