DP World Limited has announced what it describes as “resilient” financial results for the first six months of 2023, with revenue growth of 13.9%, to US $9,037 million, while adjusted EBITDA grew by 7% to $2,611 million. Revenue growth was assisted by a full six months consolidation of the Imperial Logistics business, as well as improved demand at Drydocks World in UAE.
DP World reflects positively on a “solid” first half performance but says the outlook remains uncertain due to geopolitics, inflation, higher interest rates and currency fluctuations.
DP World’s container volumes increased by 3.1% compared to a market decline of 2.0%. A strong performance from Asia Pacific was the key driver of this growth, while the Americas and Europe were softer due to the weaker economic environment. Encouragingly, Jebel Ali in the UAE continues to deliver a steady performance, the company states.
Group Chairman and CEO, Sultan Ahmed Bin Sulayem, added: “Despite facing a softer container market and weakened freight rates amidst challenging economic conditions, our focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimisation has been crucial in securing these results. While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six months positions us well to deliver a steady set of full-year results. We remain optimistic about the medium to long-term prospects of the industry and DP World’s capacity to consistently generate sustainable returns.”
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