Dubai-based global ports and logistics operator DP World announced a record revenue of $20 billion for the fiscal year 2024, marking a 9.7% increase from the previous year. This surge is attributed to enhanced performance in its ports and terminals division, alongside contributions from new acquisitions and concessions.
Despite the revenue growth, profit attributable to owners, after separately disclosed items, fell by 28.9% to $591 million from $820 million in the prior year. This decline is largely due to escalating finance costs, which rose by 22.6% to $1.4 billion. The company’s overall net profit decreased by 2% to $1.5 billion, primarily impacted by these higher finance expenses.
Adjusted earnings before interest, taxes, depreciation, and amortisation reached a record $5.5 billion, reflecting a 6.7% increase with an EBITDA margin of 27.2%. Operating cash flow also saw an 18.9% rise, amounting to $5.5 billion.
DP World’s global container handling capacity surpassed 100 million twenty-foot equivalent units in 2024, bolstered by strategic infrastructure investments in key growth markets. The company invested $2.2 billion in capital expenditures during the year, with plans to increase this to $2.5 billion in 2025. Key investment areas include the flagship Jebel Ali port in Dubai, as well as assets in London Gateway , Tuna Tekra , Ndayane , and Jeddah .
Regionally, revenue in the Middle East, Europe, and Africa grew by 5.3%, with strong performances in the UAE and Africa offsetting weaker results in Saudi Arabia and the European Unifeeder business. The reemergence of Houthi attacks on shipping routes in the Red Sea region has caused disruptions, affecting logistics and increasing costs.
DP World’s logistics, parks, and economic zones segment experienced a modest revenue increase of 3.5% to $8.2 billion. However, this segment reported a net loss of $49 million, down from a $268 million profit in 2023, due to geopolitical challenges and currency devaluation in Africa.
The marine services segment, the smallest of DP World’s verticals, saw a 4.3% revenue increase to $4.1 billion. Growth in this segment was driven by new contracts and strong market conditions at DryDocks World, while disruptions in the Red Sea negatively impacted European volumes.
Sultan Ahmed bin Sulayem, DP World’s Group Chairman and CEO, commented on the company’s performance, stating that the record revenue and EBITDA are remarkable achievements given the complex geopolitical landscape. He attributed these results to the company’s strategic focus on high-margin cargo, end-to-end integrated supply chain solutions, and disciplined cost optimisation.
Looking ahead, DP World plans to continue its investment strategy, with a focus on enhancing efficiency, expanding capabilities, and deepening partnerships to build a resilient business capable of capitalising on new opportunities as global trade evolves.
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