DP World reports 9.7% revenue growth, 6.7% rise in EBITDA for 2024
The company reported that net profit for the year was $1.5bn, down 2 per cent, primarily due to higher finance costs
DP World Limited reported a strong financial performance for the year ended December 31, 2024.
Revenue grew 9.7 per cent, driven by improved performance in ports and terminals and contributions from new acquisitions and concessions.
Revenue per TEU at ports and terminals rose 13.9 per cent on a like-for-like basis, with strong growth in the Middle East and the Americas.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 6.7 per cent to a record $5.5bn while net profit for the year was $1.5bn, down 2 per cent, primarily due to higher finance costs.
DP World group chairman and CEO Sultan Ahmed bin Sulayem commented: “We are proud to report record revenue of $20bn and record EBITDA of $5.5bn for 2024, a remarkable achievement given the complex geopolitical landscape. These results demonstrate the benefits of our strategic focus on high-margin cargo, end-to-end integrated supply chain solutions, and disciplined cost optimisation.”
He added: “By enhancing efficiency, expanding our capabilities, and deepening partnerships, we are building a resilient business well-equipped to capitalise on new opportunities as global trade evolves.”
Read: DP World, Mawani inaugurate SAR3bn terminal in Jeddah
DP World expansion and investment
DP World’s global port capacity surpassed 100 million TEU, supported by selective infrastructure investments in key growth markets.
The company invested $2.2bn in capital expenditures across its portfolio in 2024, with a planned $2.5bn budget for 2025.
Key investment areas include Jebel Ali (UAE), Drydocks World and Jebel Ali Freezone (UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal), and Jeddah (Saudi Arabia).
DP World continues to enhance its logistics portfolio, providing value-added capabilities and integrated supply chain solutions to cargo owners. The company is positioning itself to capitalise on the increasing demand for customised logistics solutions.
In numbers: Financial stability and sustainability commitments
- Operating cash flow rose 18.9 per cent to $5.5bn.
- Net leverage (pre-IFRS16) decreased to 3.4x from 3.7x in FY2023; post-IFRS16 leverage stands at 4.1x.
- DP World issued a $100m blue bond, the first of its kind from the CEEMEA region, and launched its Ocean Strategy.
- The company became the first regional logistics firm to have its emissions targets validated by the Science Based Targets initiative.
- DP World exceeded its 10.5 per cent Scope 1 and Scope 2 carbon emissions reduction target and now sources nearly 65 per cent of its electricity from renewable energy.
Future outlook
Despite a strong 2024 performance, DP World remains cautious about global uncertainties, including geopolitical risks and shifting trade dynamics.
However, the company expects continued long-term growth, leveraging its integrated supply chain solutions and strategic investments to create value.
