DP World’s 2023 financial results: Resilient performance, outlook remains uncertain


DP World remains positive on the medium to long-term outlook for global trade and is focused on delivering integrated supply chain solutions to cargo owners.

DP World's 2023 financial results: Resilient performance, outlook remains uncertain
Jebel Ali Port, Dubai © DP World

DP World 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 EBITDA rose by 1.9% to $5,108 million with a healthy adjusted EBITDA margin of 28.0%.

Results highlights

  • Revenue increased by 6.6% to $18,250 million: 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 increased by 1.9% to $5,108 million: 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: Profit for the year decreased by 17.7% mainly due to higher finance costs.

Robust cash generation:

  • 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).
  • DP World’s financial policy remains unchanged — to manage the balance sheet at below 4.0x Net Debt to EBITDA (pre IRFS 16) and to retain a strong investment grade rating.

Selective investment in key strategic growth markets:

  • Capital expenditure of $2,112 million ($1,715 million in 2022) was invested across the existing portfolio.
  • The 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).

DP World focused on driving revenue synergies and building long-term relationships with cargo owners:

  • Enhanced logistics portfolio offers value-added capabilities in fast-growing markets and verticals.
  • DP World aims to deliver supply chain solutions to cargo owners by leveraging its best-in-class infrastructure.
  • The group is well-positioned to capitalize on the growing demand for customised solutions in the logistics industry.

Committed to transition to net zero in line with UAE 2050 Initiative:

  • 13%1 decarbonisation in Scope 1 and Scope 2 carbon emissions
  • Committed to investing more than $500 million to reduce CO2 emissions in the next 5 years.

Resilient 2023 Performance, Outlook Remains Uncertain:

  • Solid 2023 performance but outlook remains uncertain due to heightened geopolitical and macroeconomic headwinds.
  • DP World remains positive on the medium to long-term outlook for global trade and is focused on delivering integrated supply chain solutions to cargo owners to drive sustainable returns.

“The outlook remains uncertain”

DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, commented: “We are pleased to report stable results, with adjusted EBITDA increasing by 1.9% to $5.1 billion. This achievement is particularly noteworthy considering the significant challenges posed by a deteriorating geopolitical landscape and challenging macroeconomic conditions. Our strategic focus on high-margin cargo, end-to-end integrated supply chain solutions, and diligent cost optimization have played a pivotal role in securing these results. Not only has this strategy proven effective during these testing times, but it also lays a solid foundation for our sustainable long-term growth and returns.”

“Our Logistics businesses have demonstrated resilience in this demanding economic landscape, attracting a growing number of cargo owners to our platform. The positive feedback for our end-to-end products underscores the value of our customised solutions, empowering cargo owners to conduct trade more efficiently. Strategic investments in high-growth sectors enable us to offer value-added solutions, and we remain committed to continually enhancing our logistics platform. This includes addressing supply chain inefficiencies and improving connectivity in critical trade lanes to better serve cargo owners.”

“Overall, we delivered a steady performance in 2023, and despite the uncertain start to 2024 with the ongoing Red Sea crisis, our portfolio has continued to demonstrate resilience. The outlook remains uncertain due to the challenging geopolitical and economic environment. Nevertheless, we anticipate our portfolio will sustain robust performance, and we maintain a positive outlook on the medium to long-term fundamentals of the industry and DP World’s capacity to deliver sustainable returns consistently,” Sultan Ahmed bin Sulayem concluded.

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