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DP World posts record revenue, but profit falls
DP World posts record $20 billion in 2024 revenue but profit falls 2% on high finance costs and global supply chain disruptions.
Santos Port. Photo: DatamarNews / Phaata
Container terminal operator DP World posts record revenue in 2024, but overall profit falls due to higher finance costs and a challenging global economic environment.
Dubai-based privately held DP World said it expects revenue of $20 billion in 2024, up 9.7% year-on-year. Earnings before interest, taxes, depreciation and amortization (EBITDA) hit a record $5.5 billion, up 6.7% year-on-year, with a 27.2% profit margin. Operating profit (EBIT) was $3.36 billion, up 10.2% from $3.06 billion a year earlier.
Port and terminal revenue in 20-foot equivalent units (TEUs) rose 13.9%, driven by strong growth in the Middle East and the Americas.
However, DP World still faced challenges, with overall profit falling 2% to $1.5 billion. The company said this was mainly due to higher finance costs and supply chain issues affecting global trade. Returns attributable to shareholders also fell more than 27%, reflecting increased financial and operational pressures on the business.
DP World’s container handling capacity is set to exceed 100 million TEUs by 2024, thanks to a strategic capital investment of $2.2 billion, focused on key growth markets such as the United Arab Emirates (UAE) and India. In 2025, DP World plans to spend $2.5 billion to further expand into new regions and upgrade existing infrastructure.
Responding to changing market demands, DP World said it is accelerating the integration of logistics services and end-to-end supply chain solutions.
In addition, DP World’s operating cash flow improved, increasing by 18.9% to $5.5 billion.
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Source: Phaata.com (According to Freight Waves)
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