DP World announces resilient 1H 2023 results with adjusted EBITDA up 7% to $2.6bn

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DP World Limited has announced resilient financial results for the first six months to 30 June 2023. On a reported basis, revenue grew by 13.9% to $9,037 million and adjusted EBITDA grew by 7.0% to $2,611 million with adjusted EBITDA margin of 28.9%.

Container volumes increased by 3.1% compared to a market decline of 2.0%, the Group saying its portfolio once again outperformed the industry, demonstrating that it has relevant capacity in the right locations. A strong performance from Asia Pacific was the key driver of growth, while Americas and Europe were softer due to the weaker economic environment. Encouragingly, Jebel Ali (UAE) continued to deliver a steady performance.

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented: “We are pleased to share a resilient set of results for the first half of 2023, with our adjusted EBITDA enhancing by 7.0% to surpass $2.6 billion. Despite facing a softer container market and weakened freight rates amid challenging economic conditions, our focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimization has been crucial in securing these results.

“Our logistics vertical has demonstrated robustness in this demanding economic landscape, attracting more cargo owners to our platform. The positive feedback to our end-to-end product emphasis the value of our customised solutions enables customers to conduct trade more effectively.

“In summary, our balance sheet remains robust, and we continue to generate high levels of cash flow, which provides us the flexibility to invest in the growth of our existing portfolio and new investment opportunities when they arise.

“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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