DP World Limited has posted strong financial results for the first six months to 30 June 2023.
DP World’s revenue increased by 13.9 per cent to $9 billion, while adjusted EBITDA increased by 7 per cent to $2.6 billion, with an adjusted EBITDA margin of 28.9 per cent.
Furthermore, DP World container volumes increased by 3.1 per cent compared to a 2 per cent market reduction.
The company has cited Asia Pacific as the primary engine of development, whereas the Americas and Europe were harder owing to the worse economic situation.
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DP World handled 20.3 million TEU across its global portfolio of container terminals in the second quarter of 2023, with gross container volumes increasing by 0.5 per cent year-on-year (YoY) on a reported basis and 2.6 per cent on a like-for-like (LFL) basis.
In the first half of 2023, the company handled 39.9 million TEU on a gross basis with container volumes increasing by 0.9 per cent YoY on a reported basis and up 3.1 per cent on a LFL basis.
Jebel Ali (UAE) handled 3.6 million TEU in Q2 2023, on par YoY.
At a consolidated level, DP World’s terminals handled 11.6 million TEU in Q2 2023 up 0.1 per cent on a reported basis and down 1.7 per cent LFL basis.
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In the first half of 2023, DP World handled 23 million TEU, with container volumes increasing by 0.4 per cent YoY on a reported basis and decreased 1.5 per cent on a LFL basis.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said: “We are pleased to share a resilient set of results for the first half of 2023, with our adjusted EBITDA enhancing by 7 per cent to surpass $2.6 billion.
“Despite facing a softer container market and weakened freight rates amid challenging economic conditions, our focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimisation has been crucial in securing these results.
“This strategy has not only been effective during these challenging times but also lays the foundation for our sustainable long-term growth and returns.”
This month, DP World announced plans to add around 3 million TEU of new container handling capacity by the end of the year.
