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DP World financial results reveal increased revenue and adjusted EBITDA

International port company DP World says its logistics and terminal businesses were key in seeing its revenue and adjusted EBITDA increase this past year

Global logistics company DP World has announced its financial results for 2023, with its revenue growing by 6.6 per cent and its earnings before interest, tax, depreciation and amortisation (EBITDA) increasing by 1.9 per cent. 

DP World Chairman and CEO Sultan Ahmed bin Sulayem says the results are noteworthy due to the challenges the company faced throughout the year, including macroeconomic conditions and the geopolitical landscape. 

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

“Not only has this strategy proven effective during these testing times, but it also lays a solid foundation for our sustainable long-term growth and returns.” 

In total, DP World’s revenue grew to $18.25 million while its adjusted EBITDA grew to $5.11 million. Its EBITDA margin for the year also stood at 28 per cent while its profit decreased to $1.514 million. 

DP World’s capital expenditure of $2.1 million was also invested across its existing portfolio. DP World says its capital expenditure budget of approximately $2 billion will be invested mainly in organisations such as Jebel Ali, Inland Logistics and London Gateway. 

DP World says its increased revenue was driven by subsidiary Drydocks World and its acquisition of Imperial Logistics, while its like-for-like growth was supported by its ports and terminals and logistics businesses. 

DP World says its focus on driving revenue synergies and building long-term relationships with cargo owners enhanced its logistics portfolio to now offer value-add capabilities in fast-growing markets and verticals. 

“Our logistics businesses have demonstrated resilience in this demanding economic landscape, attracting a growing number of cargo owners to our platform,” Sulayem says. 

“The positive feedback for our end-to-end products underscores the value of our customised solutions, empowering cargo owners to conduct trade more efficiently.” 

Sulayem says DP World’s portfolio continues to remain steady to begin 2024 despite the ongoing Red Sea crisis. 

“The outlook remains uncertain due to the challenging geopolitical and economic environment,” Sulayem says. 

“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.” 

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