DP World has reported a 59 per cent decline in net profit for the first half of 2024, falling to $265 million.
The figure has decreased from $651 million compared to the same period last year. DP World acknowledged that the Red Sea disruptions affected the firm’s revenues.
Revenue increased by 3.3 per cent to $9.3 billion, with the adjusted EBITDA declining by 4.3 per cent to $2.4 billion. The adjusted EBITDA margin was 26.8 per cent.
The company reported that like-for-like gross container volume growth of 6.1 per cent was driven by strong growth in the Americas, Europe, Asia Pacific, and Jebel Ali.
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Adjusted EBITDA decreased slightly by 4.3 per cent due to disruptions in the Red Sea and organic investment in logistics platform expansion.
Cash from operating operations totalled $2.09 billion in the first half of 2024 (compared to $2.13 billion in the first half of 2023).
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DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said: “The year 2024 has been marked by a deteriorating geopolitical environment and disruptions to global supply chains due to the Red Sea crisis.
“Nevertheless, our strategic emphasis on high-margin cargo, comprehensive end-to-end supply chain solutions, and stringent cost management have been crucial in achieving this financial performance.”
