DP World Limited’s revenue grew by 9.7 per cent to $20 billion, while adjusted EBITDA rose by 6.7 per cent to $5.5 billion – both all-time records for the Dubai-based port operator and logistics company.
DP World attributed the revenue growth to improved performance from Ports and terminals – which increased 13.9 per cent per TEU on a like-for-like basis with strong growth from the Middle East and Americas – and contributions from new acquisitions and concessions.
DP World’s record revenue
Revenue for FY 2023 was $18.25 million, while EBITDA was at $5.1 billion.
Adjusted EBITDA margin for 2024 stood at 27.2 per cent. Net profit for the year was $1.48 billion, a decrease of 2 per cent ($1.51 in 2023), mainly due to higher finance costs.
DP World increased its capital expenditure to $2.2 billion ($2.1 billion in 2023). It also announced that the capital expenditure budget for 2025 is approximately $2.5 billion to be invested mainly in Jebel Ali (UAE), Drydocks World and Jebel Ali Freezone (UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal) and Jeddah (Saudi Arabia).
Cash generated from operating activities increased by 18.9 per cent to $5.5 billion in 2024, compared to $4.6 billion the previous year. Leverage (Net debt to adjusted EBITDA) on a pre-IFRS16 basis decreased to 3.4x from 3.7x).
Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, commented: “We are proud to report record revenue of $20.0 billion and record EBITDA of $5.5 billion for 2024, a remarkable achievement given the complex geopolitical landscape.
“These results demonstrate the benefits of our strategic focus on high-margin cargo, end-to-end integrated supply chain solutions and disciplined cost optimisation.
“This strategy is positioning DP World for sustained long-term growth and value creation. By enhancing efficiency, expanding our capabilities and deepening partnerships, we are building a resilient business, well-equipped to capitalise on new opportunities as global trade evolves.”
Bin Sulayem also expressed confidence that the company will continue to build momentum into 2025 despite the geopolitical challenges.
“In 2024, we delivered a strong performance, further reinforcing our financial position by reducing net leverage and strengthening the balance sheet. While the year has started on a positive note, global trade remains in flux due to ongoing geopolitical challenges. We remain confident in the strength of our portfolio, which we expect to continue delivering robust performance,” he added.
“As part of our long-term strategy, we continue to invest in our portfolio through targeted bolt-on acquisitions, expand into new locations and add high-value capabilities that align with our clients’ evolving needs. We maintain a positive medium-term outlook, supported by strong industry fundamentals and DP World’s ability to deliver sustainable, long-term returns.”
Follow us on
