DP World reported a 9.7 percent growth in revenue to $20 billion for the financial year ended December 31, 2024, the company announced on Thursday. Profit for the year was $1.5 billion, a decrease by 2 percent mainly because of higher finance costs.
EBITDA rose by 6.7 percent to $5.5 billion with an adjusted EBITDA margin of 27.2 percent.
The revenue growth was primarily because of improved performance from ports and terminals, and contributions from new acquisitions and concessions.
Read: DP World sets new record for container handling in 2024, up by 8.3 percent
Revenue for ports and terminals per TEU increased 13.9 percent on a like-for-like basis with strong growth from the Middle East and Americas.
“We are proud to report record revenue of $20 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,” said DP World group chairman and CEO Sultan Ahmed bin Sulayem.
“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,” he added.
Increased capacity and investments
DP World capacity currently exceeds 100 million TEU with continued investment in key growth markets, especially in infrastructure.
The company has deployed capital expenditure of $2.2 billion ($2.1 billion in 2023) across the existing portfolio.
Meanwhile, the 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).
Growth in cash generated
Cash generated from operating activities increased by 18.9 percent to $5.5 billion in 2024 ($4.6 billion in 2023).
Meanwhile, 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).
“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,” said Sultan Ahmed bin Sulayem.
