DP World posts 13.9% revenue growth for first half of 2023

DP World Limited has posted resilient financial results for the first six half of 2023, with 13.9 per cent revenue growth hitting $9,037 million and adjusted EBITDA growing at 7 per cent to $2,611 million.

"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 optimisation has been crucial in securing these results," highlighted DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem.

"This strategy has not only been effective during these challenging times but also lays the foundation for our sustainable long-term growth and returns."

Sulayem added that the logistics vertical demonstrated robustness despite the demanding economic landscape, "addressing supply chain inefficiencies and enhancing connectivity in crucial trade lanes to serve cargo owners better".

He also shined the spotlight on the firm's "substantial progress towards our 2050 net zero carbon target".

"Our recent investment in renewable energy through the I-REC programme has significantly cut DP World UAE business carbon emissions by 47 per cent. We are confident of achieving our goal to cut CO2 emissions by 700k tonnes which accounts for approximately 22 per cent of our total emission within the next five years," he added. 

"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."