DP World unveils revenue growth to $18 billion

DP World unveils financial results for 2023

DP World has announced a revenue growth of 6.6 per cent to $18.2 billion in 2023.

This was supported by Drydocks World (+$400 million) and the full-year consolidation benefit of Imperial Logistics acquisition (+$900 million) with like-for-like growth driven mainly by the company’s Ports & Terminals and Logistics business, according to the company’s report.

The company also reported an EBITDA increase of 1.9 per cent to $5.1 billion with an adjusted EBITDA margin of 28 per cent. 

READ: DP World, Masdar to develop renewable energy solutions

“This achievement is particularly noteworthy considering the significant challenges posed by a deteriorating geopolitical landscape and challenging macroeconomic conditions,” commented Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO.

“Our strategic focus on high-margin cargo, end-to-end integrated supply chain solutions, and diligent cost optimisation have played a pivotal role in securing these results.”

DP World notably reported a decrease in profits for the past year by 17.7 per cent, reaching $1.5 billion, mainly due to higher finance costs.

The company achieved a 13 per cent decrease in its Scope 1 and Scope 2 carbon emissions, while the company affirmed its commitment to invest more than $500 million towards decarbonisation over the next five years.

READ: DP World raises $1.5 billion for decarbonisation efforts

“Overall, we delivered a steady performance in 2023, and despite the uncertain start to 2024 with the ongoing Red Sea crisis, our portfolio has continued to demonstrate resilience,” Sulayem commented.

“The outlook remains uncertain due to the challenging geopolitical and economic environment. Nevertheless, we anticipate our portfolio will sustain robust performance, and we maintain a positive outlook on the medium to long-term fundamentals of the industry and DP World’s capacity to deliver sustainable returns consistently.”

Last month, DP World welcomed Europe’s largest quay cranes at its flagship London Gateway logistics hub, marking its latest investment to boost the country’s future trading capability.

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