Dubai port operator DP World grows 2024 revenues to record $20b

Dubai: Dubai's DP World revenues closed 2024 at $20 billion, after gaining an impressive 9.7% , while the adjusted EBITDA rose 6.7% to $5.5 billion.

The net profit for 2024, however, came in lower at $1.5 billion, down 2%, due to higher finance costs. 

On the 2024 top-line numbers, the Dubai ports and free zone operator's growth came in through 'improved performance' across its operations, and 'contributions from new acquisitions and concessions'. 
The ports and terminals revenue per TEU was higher by 13.9% on a like-for-like basis, with 'strong growth' from the Middle East and Americas. 

"We are proud to report record revenue and record EBITDA of $5.5 billion for 2024, a remarkable achievement given the complex geopolitical landscape," said Sultan Ahmed bin Sulayem, Chairman and CEO of DP World.

"These results demonstrate the benefits of our strategic focus on high-margin cargo, end-to-end integrated supply chain solutions and disciplined cost optimization." 

The results' announcement comes just as the global trade and shipping sector goes in for some testing times, mostly from the imposition of tit-for-tat tariffs between the US and its key partners.

DP World, meanwhile, is focusing its attention on what can be done. Its capacity exceeded 100 million container TEUs due to 'selective infrastructure investment in key growth markets'. 
A capex of $2.2 billion was invested across its portfolio in 2024 against $2.1 billion a year before. 

This year, the capex has been pitched higher at $2.5 billion, much of which will go into topping up operations in the flagship Jebel Ali port, the Drydocks World and Jebel Ali Free zone, Tuna Tekra (India), London Gateway, Ndayane in Senegal, and Jeddah. 

"This strategy is positioning DP World for sustained long-term growth and value creation," said bin Sulayem. By expanding our capabilities and deepening partnerships, we are building a resilient business, well-equipped to capitalise on new opportunities as global trade evolves.

"Our asset-appropriate strategy, combined with critical infrastructure in key markets, ensures that we scale efficiently while delivering specialized capabilities where they are needed most."

Last year, DP World's cash generated from operating activities increased 18.9% to $5.5 billion in 2024 ($4.6 billion in 2023). Its net debt to adjusted EBITDA on a pre-IFRS16 basis dropped to 3.4x (In 2023: 3.7x).

According to Bin Sulayem, "As part of our long-term strategy, we continue to invest in our portfolio through targeted bolt-on acquisitions, expand into new locations and add high-value capabilities that align with our clients' evolving needs."