DP World revenue grows by 3.3% in H1

DP World Limited announced on Thursday resilient financial results for the first six months of 2024, with revenue up by 3.3 per cent to $9,335 million.

Like-for-like gross container volumes growth of 6.1 per cent driven by strong growth in Americas, Europe, Asia Pacific, and Jebel Ali.

Capital expenditure of $994 million ($910 million in H1 2023 was invested across the existing portfolio with $593 million in Ports and Terminals, $278 million in Logistics and Parks and Economic Zones, $122 million in Marine Services and $1 million in Head Office.

Capital expenditure guidance for 2024 is for approximately $2.0 billion to be invested in the UAE including Drydocks World, London Gateway (United Kingdom), Inland logistics (India), Dakar (Senegal), East Java (Indonesia), Callao (Peru), Jeddah (Saudi Arabia), Dar Es Salam (Tanzania) and DP World Logistics (Africa) and Fraser Surrey Docks (Canada).

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented, ‘’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.

"In Logistics, our investments have been focused on organically expanding our freight forwarding platform, which now encompasses over 90 per cent of global trade across more than 150 locations worldwide.

"Strategic investments in sectors poised for high growth allow us to provide value-added services, and we remain dedicated to continuously improving our logistics capabilities. This includes tackling supply chain inefficiencies and enhancing connectivity in key trade corridors to better support cargo owners.''