DP World Limited has released its financial results for the fiscal year ending on December 31, 2023. The company reported a 6.6 percent increase in revenue, reaching $18.25 billion. Additionally, the adjusted EBITDA rose by 1.9 percent to $5.108 billion, resulting in a healthy adjusted EBITDA margin of 28.0 percent.
Read more: Maha AlQattan on DP World Group’s sustainability strategy: ‘Our World, Our Future’
Through 2023, we are proud to have demonstrated stable and robust growth, despite challenges faced on the global arena. With an uncertain outlook, we maintain a positive outlook for our capacity to deliver long-term sustainable returns. Read our full year results here.
— DP World (@DP_World) March 14, 2024
The growth in revenue was primarily driven by the positive contributions of Drydocks World, which added $400 million, and the full-year consolidation benefit of the Imperial Logistics acquisition, which added $900 million. Furthermore, the Ports and Terminals and Logistics business segments also contributed to the like-for-like growth.
DP World’s adjusted EBITDA increased by 1.9 percent to $5.108 billion, while the EBITDA margin for the year stood at 28.0 percent. The like-for-like adjusted EBITDA margin was 28.9 percent. However, the company experienced a 17.7 percent decrease in profit for the year, amounting to $1.514 billion, primarily due to higher finance costs.
In terms of cash flow, DP World generated $4.579 billion from its operating activities in 2023, representing a 2.9 percent increase compared to the previous year’s figure of $4.451 billion.
Furthermore, DP World achieved a significant milestone in its sustainability efforts by reducing Scope 1 and Scope 2 carbon emissions by 13 percent. As part of its commitment to environmental responsibility, the company plans to invest over $500 million in the next five years to further reduce CO2 emissions.
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