DP World Limited has announced resilient financial results for the year ended 31 December 2023. On a reported basis, revenue grew by 6.6% to $18,250 million and adjusted EBITDA³ rose by 1.9% to $5,108 million with a healthy adjusted EBITDA margin of 28.0%.
Revenue growth of 6.6% was supported by Drydocks World (+$0.4 billion) and full year consolidation benefit of Imperial Logistics acquisition (+$0.9 billion) with like-for-like growth driven mainly from our Ports & Terminals and Logistics business.
Adjusted EBITDA grew 1.9% and EBITDA margin for the year stood at 28.0%. Like-for-like adjusted EBITDA margin stood at 28.9%.
Profit for the year decreased by 17.7% to $1,514 million mainly due to higher finance costs.
Cash generated from operating activities increased by 2.9% to $4,579 million in 2023 ($4,451 million in 2022).
Leverage (Net debt to adjusted EBITDA) on a pre-IFRS16 basis increased to 3.5x (FY2022: 2.7x) due to higher net debt. On a post-IFRS16 basis, net leverage stands at 3.8x (FY2022: 3.0x).
Capital expenditure of $2,112 million ($1,715 million in 2022) was invested across the existing portfolio.
Capital expenditure budget for 2024 is approximately $2.0 billion to be invested mainly in Jebel Ali (UAE), London Gateway (United Kingdom), Inland logistics (India), Dakar (Senegal), East Java (Indonesia), Callao (Peru) and Jeddah (Saudi Arabia).