DP World, one of the world’s biggest port operators, said its revenue for 2024 grew 9.7 per cent to a record $20 billion on improved ports and terminals performance as well as contributions from new acquisitions and concessions.
The company’s adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) increased by 6.7 per cent to $5.5 billion with an adjusted Ebitda margin of 27.2 per cent, the Dubai company said on Thursday.
It is “a remarkable achievement given the complex geopolitical landscape. These results demonstrate the benefits of our strategic focus on high-margin cargo, end-to-end integrated supply chain solutions and disciplined cost optimisation”, said Sultan bin Sulayem, DP World’s group chairman and chief executive.
“As part of our long-term strategy, we continue to invest in our portfolio through targeted bolt-on acquisitions, expand into new locations and add high-value capabilities that align with our clients’ evolving needs,” he said.
Profit for the year was down 2 per cent at $1.5 billion due to higher finance costs, DP World said.
While the company achieved a strong financial performance in 2024, the outlook remains uncertain due to geopolitical risks and changing global trade landscape, it said.
In January, DP World said it is considering additional investments in its port operations in Peru, after expanding the Port of Callao in the Andean country last year.
With port operations spanning from Canada to Australia, DP World has passed 100 million 20-foot equivalent units (TEUs) of container-handling capacity across its global operations, it said earlier this year. Its global gross container handling capacity increased by 5 per cent in 2024.
Global container throughput is projected to expand by 2.8 per cent this year, according to Drewry Container Forecaster. DP World, with its investments in underdeveloped markets such as Tanzania and Romania, has expanded capacity and boosted trade in regions previously constrained by infrastructure challenges.
The Dubai company holds a 9.2 per cent share of the global container market, supported by a 33 per cent growth in capacity since 2014, it said on January 7.
“Our asset-appropriate strategy, combined with critical infrastructure in key markets, ensures that we scale efficiently while delivering specialised capabilities where they are needed most. Strategic investments in high-growth sectors and emerging trade corridors are expanding our expertise, enabling us to provide value-added solutions,” Mr bin Sulayem said.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Analysis
Members of Syria’s Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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