DP World Jebel Ali Port. Photo: Novikov Aleksey/Shutterstock
DP World reported revenue growth of 3.3% to $9.335 billion for the first half of 2024, driven by strong performance in its Ports & Terminals division.
The company, the world’s fifth-largest terminals operator, saw a 6.1% growth in like-for-like gross container volumes compared to last year, with notable strength in the Americas, Europe, Asia Pacific, and Jebel Ali.
Adjusted EBITDA declined by 4.3% to $2,497 million, attributed to disruptions in the Red Sea region and organic investments in expanding the Logistics platform. Despite these challenges, the adjusted EBITDA margin remained at 26.8%.
DP World remains optimistic about the medium to long-term prospects for global trade. The company says it is committed to delivering integrated supply chain solutions to cargo owners, aiming for sustainable returns despite challenging geopolitical and macroeconomic conditions. It said the positive momentum from the first half of 2024 positions DP World for improved adjusted EBITDA in the second half of the year.
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. “Despite challenging macroeconomic conditions and global supply chain disruptions, 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,” he said.
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