DP World Limited announced its financial results for the year ended December 31, 2024, according to the company's release. Revenue increased by 9.7% to $20.0 billion, and adjusted EBITDA rose by 6.7% to $5.5 billion, with an adjusted EBITDA margin of 27.2%.
Revenue growth was driven by performance improvements in Ports and Terminals and contributions from new acquisitions and concessions, with Ports and Terminals revenue per TEU up 13.9% on a like-for-like basis, led by the Middle East and Americas regions.
Profit for the year was $1.5 billion, down 2.0% from $1.5 billion in 2023 due to higher finance costs, while profit attributable to owners of the company before separately disclosed items fell 27.2% to $751 million from $1,032 million.
Adjusted EBITDA growth of 6.7% reflects a like-for-like adjusted EBITDA margin of 27.2%. The company’s capacity exceeded 100 million TEU, supported by $2.2 billion in capital expenditure across its portfolio, compared to $2.1 billion in 2023.
For 2025, DP World plans capital expenditure of approximately $2.5 billion, targeting investments in Jebel Ali (UAE), Drydocks World and Jebel Ali Freezone (UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal), and Jeddah (Saudi Arabia).
Cash generated from operating activities increased by 18.9% to $5.5 billion from $4.6 billion in 2023, with net leverage on a pre-IFRS16 basis decreasing to 3.4x from 3.7x, and on a post-IFRS16 basis standing at 4.1x compared to 4.0x in 2023.
Gross container volumes grew by 7.0% in 2024, outpacing the industry growth rate of 6.4%. The company issued a $100 million blue bond and reported that 65% of its global electricity now comes from renewable sources, exceeding its 10.5% Scope 1 and Scope 2 carbon emissions reduction target from a 2022 baseline.
DP World Limited, headquartered in Dubai, UAE, is a global logistics and port operator founded in 2005, managing over 100 million TEU annually across 79 countries with a workforce of more than 115,000 employees.
Unifeeder, a Denmark-based subsidiary of DP World since its acquisition in 2018, Unifeeder operates one of Europe’s largest feeder and short-sea shipping networks, serving over 200 locations globally.
Drydocks World, established in 1983 and based in Dubai, is part of DP World’s Marine Services, specializes in ship repair, maintenance, and conversion, handling over 300 projects annually.