DP World reports record revenue of $20.0bln and EBITDA of $5.5bln
Dubai, United Arab Emirates: DP World Limited has announced financial results for the year ended 31 December 2024. On a reported basis, revenue grew by 9.7% to $20.0 billion and adjusted EBITDA³ rose by 6.7% to $5.5 billion with an adjusted EBITDA margin of 27.2%.
Results Highlights
Revenue increased by 9.7% to a record $20.0 billion
Revenue growth of 9.7% was mainly due to improved performance from Ports and terminals and contributions from new acquisitions and concessions.
Ports and terminals revenue per TEU increased 13.9% on a like-for-like basis with strong growth from the Middle East and Americas.
Adjusted EBITDA increased by 6.7% to a record $5.5 billion
Adjusted EBITDA grew by 6.7% and EBITDA margin for the year stood at 27.2% as well as like-for-like adjusted EBITDA margin.
Profit for the year was $1.5 billion
Profit for the year decreased by 2.0% mainly due to higher finance costs.
DP World capacity exceeds 100 million TEU - continued investment in key growth markets
DP World capacity exceeded 100 million TEU due to selective infrastructure investment in key growth markets.
Capital expenditure of $2.2 billion ($2.1 billion in 2023) was invested across the existing portfolio.
Capital expenditure budget for 2025 is approximately $2.5 billion to be invested mainly in Jebel Ali (UAE), Drydocks World and Jebel Ali Freezone (UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal) and Jeddah (Saudi Arabia).
DP World focused on driving revenue synergies and building long-term relationships with cargo owners
Enhanced logistics portfolio offers value-added capabilities in fast-growing markets and verticals.
DP World aims to deliver supply chain solutions to cargo owners by leveraging its best-in-class infrastructure.
Group is well-positioned to capitalize on the growing demand for customised solutions in the logistics industry.
Strong cash generation and lower net Leverage
Cash generated from operating activities increased by 18.9% to $5.5 billion in 2024 ($4.6 billion in 2023).
Leverage (Net debt to adjusted EBITDA) on a pre-IFRS16 basis decreased to 3.4x (FY2023: 3.7x). On a post-IFRS16 basis, net leverage stands at 4.1x (FY2023: 4.0x).
Committed to long-term sustainability transition
Issued a US$100 million blue bond, the first for a corporate from the Central and Eastern Europe, Middle East and Africa (CEEMEA) region, alongside the launch of our Ocean Strategy.
DP World became the first logistics company in the region to have its targets validated by the Science Based Targets initiative, a significant step towards decarbonising supply chains for our customers.
Against our 2022 base year, we exceeded our 10.5% Scope 1 and Scope 2 carbon emissions reduction target, and close to 65% of electricity sourced globally today comes from renewable energy.
Strong 2024 performance, positioned for resilient growth despite uncertainty
Strong financial performance in 2024, but the outlook remains uncertain due to geopolitical risks and changing global trade landscape.
Despite global uncertainties, DP World is well-positioned for long-term growth, leveraging its integrated supply chain solutions and strategic investments to drive sustainable value creation.
DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, commented:
We are proud to report record revenue of $20.0 billion and record EBITDA of $5.5 billion 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 optimization.
This strategy is positioning DP World for sustained long-term growth and value creation. 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.
We continue to strengthen our logistics platform, attracting more cargo owners with end-to-end, tailored solutions that drive efficiency and improve the flow of trade. The increased demand for our integrated offerings highlights the value we bring to customers seeking optimized, high-performance supply chain solutions.
Our asset-appropriate strategy, combined with critical infrastructure in key markets, ensures that we scale efficiently while delivering specialized capabilities where they are needed most. Strategic investments in high-growth sectors and emerging trade corridors are expanding our expertise, enabling us to provide value-added solutions. By enhancing connectivity and streamlining supply chains, we are reinforcing DP World's role as a leading trade enabler—helping cargo owners navigate complexity, go to market quicker and build greater supply chain resilience.
In 2024, we delivered a strong performance, further reinforcing our financial position by reducing net leverage and strengthening the balance sheet. While the year has started on a positive note, global trade remains in flux due to ongoing geopolitical challenges. We remain confident in the strength of our portfolio, which we expect to continue delivering robust performance.
As part of our long-term strategy, we continue to invest in our portfolio through targeted bolt-on acquisitions, expand into new locations and add high-value capabilities that align with our clients' evolving needs. We maintain a positive medium-term outlook, supported by strong industry fundamentals and DP World's ability to deliver sustainable, long-term returns.
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