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Drydocks results boost for DP World

DP World Limited has announced a “resilient” set of financial results for the year ended 31st December 2023. On a reported basis, revenue grew by 6.6% to US $18,250 million and profitability on a EBITDA basis rose by 1.9% to US$5,108 million.

The figures benefited from an especially strong contribution by Drydocks World, where revenues were up by $0.4 billion, and the full year benefit of the Imperial Logistics acquisition, which generated an additional US$0.9 billion revenue stream.

Capital expenditure of US$2,112 million was up from US$1,715 million in 2022. The group’s capital budget for 2024 is approximately US $2.0 billion to be invested mainly in Jebel Ali port; the inland logistics business in India; Dakar, Senegal; East Java, Indonesia; Callao, Peru and Jeddah in Saudi Arabia. 

Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, said: “Our strategic focus on high-margin cargo, end-to-end integrated supply chain solutions, and diligent cost optimisation have played a pivotal role in securing these results. 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.”

Despite the volatile start to 2024, including the ongoing Red Sea crisis, DP World’s portfolio has continued to demonstrate resilience, the company reports. “The outlook remains uncertain due to the challenging geopolitical and economic environment. 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,” Sulayem concluded.

The post Drydocks results boost for DP World appeared first on Latest Maritime & Shipping News Online – The Maritime Standard.

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