Dubai, United Arab Emirates, 13 March 2025: DP World Limited has announced financial results for the year ended 31 December 2024. On a reported basis, revenue grew by 9.7% to $20.0 billion and adjusted EBITDA³ rose by 6.7% to $5.5 billion with an adjusted EBITDA margin of 27.2%.
| Results before separately disclosed items1 USD million unless otherwise stated | 2024 | 2023 | % change | Like-for- like at constant currency % change2 |
| Revenue | 20,023 | 18,250 | 9.7% | 6.9% |
| Share of profit from equity-accounted investees (net of tax) | 155 | 164 | (5.1%) | (1.3%) |
| Adjusted EBITDA3 | 5,450 | 5,108 | 6.7% | 2.9% |
| Adjusted EBITDA margin | 27.2% | 28.0% | (0.8%) | 27.2%4 |
| EBIT | 3,357 | 3,046 | 10.2% | 5.1% |
| Profit for the year | 1,483 | 1,514 | (2.0%) | (9.5%) |
| Profit for the year attributable to owners of the Company before separately disclosed items | 751 | 1,032 | (27.2%) | – |
| Profit for the year attributable to owners of the Company after separately disclosed items | 591 | 820 | (27.9%) | – |
Results Highlights
- Revenue increased by 9.7% to a record $20.0 billion
- Revenue growth of 9.7% was mainly due to improved performance from Ports and terminals and contributions from new acquisitions and concessions.
- Ports and terminals revenue per TEU increased 13.9% on a like-for-like basis with strong growth from the Middle East and Americas.
- Adjusted EBITDA increased by 6.7% to a record $5.5 billion
- Adjusted EBITDA grew by 6.7% and EBITDA margin for the year stood at 27.2% as well as like-for-like adjusted EBITDA margin.
- Profit for the year was $1.5 billion
- Profit for the year decreased by 2.0% mainly due to higher finance costs.
- DP World capacity exceeds 100 million TEU – continued investment in key growth markets
- DP World capacity exceeded 100 million TEU due to selective infrastructure investment in key growth markets.
- Capital expenditure of $2.2 billion ($2.1 billion in 2023) was invested across the existing portfolio.
- Capital expenditure budget for 2025 is approximately $2.5 billion to be invested mainly in Jebel Ali (UAE), Drydocks World and Jebel Ali Freezone (UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal) 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.
- Group is well-positioned to capitalize on the growing demand for customised solutions in the logistics industry.
- Strong cash generation and lower net Leverage
- Cash generated from operating activities increased by 18.9% to $5.5 billion in 2024 ($4.6 billion in 2023).
- Leverage (Net debt to adjusted EBITDA)5 on a pre-IFRS16 basis decreased to 3.4x (FY2023: 3.7x). On a post-IFRS16 basis, net leverage stands at 4.1x (FY2023: 4.0x).
- Committed to long-term sustainability transition
- Issued a US$100 million blue bond, the first for a corporate from the Central and Eastern Europe, Middle East and Africa (CEEMEA) region, alongside the launch of our Ocean Strategy.
- DP World became the first logistics company in the region to have its targets validated by the Science Based Targets initiative, a significant step towards decarbonising supply chains for our customers.
- Against our 2022 base year, we exceeded our 10.5% Scope 1 and Scope 2 carbon emissions reduction target, and close to 65% of electricity sourced globally today comes from renewable energy.
Strong 2024 performance, positioned for resilient growth despite uncertainty
- Strong financial performance in 2024, but the outlook remains uncertain due to geopolitical risks and changing global trade landscape.
- Despite global uncertainties, DP World is well-positioned for long-term growth, leveraging its integrated supply chain solutions and strategic investments to drive sustainable value creation.
DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, commented:
We are proud to report record revenue of $20.0 billion and record EBITDA of $5.5 billion for 2024, 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 optimization.
This strategy is positioning DP World for sustained long-term growth and value creation. By enhancing efficiency, expanding our capabilities and deepening partnerships, we are building a resilient business, well-equipped to capitalise on new opportunities as global trade evolves.
We continue to strengthen our logistics platform, attracting more cargo owners with end-to-end, tailored solutions that drive efficiency and improve the flow of trade. The increased demand for our integrated offerings highlights the value we bring to customers seeking optimized, high-performance supply chain solutions.
Our asset-appropriate strategy, combined with critical infrastructure in key markets, ensures that we scale efficiently while delivering specialized 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. By enhancing connectivity and streamlining supply chains, we are reinforcing DP World’s role as a leading trade enabler—helping cargo owners navigate complexity, go to market quicker and build greater supply chain resilience.
In 2024, we delivered a strong performance, further reinforcing our financial position by reducing net leverage and strengthening the balance sheet. While the year has started on a positive note, global trade remains in flux due to ongoing geopolitical challenges. We remain confident in the strength of our portfolio, which we expect to continue delivering robust performance.
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. We maintain a positive medium-term outlook, supported by strong industry fundamentals and DP World’s ability to deliver sustainable, long-term returns.
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Forward-Looking Statements
This document contains certain “forward-looking” statements reflecting, among other things, current views on our markets, activities, and prospects. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur and which may be beyond DP World’s ability to control or predict (such as changing political, economic or market circumstances). Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of DP World speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Except to the extent required by law, DP World does not undertake to update or revise forward-looking statements to reflect any changes in DP World’s expectations with regard thereto or any changes in information, events, conditions or circumstances on which any such statement is based.
Group Chairman and CEO statement
Resilient performance in challenging markets
In 2024, the global landscape was shaped by rising geopolitical tensions, with the Red Sea crisis presenting a significant challenge to global supply chains. While this disruption affected trade routes and logistics operations worldwide, DP World remained resilient, navigating these complexities with agility. We sustained strong performance throughout the year, delivering a robust financial outcome. This resilience reflects the strength and diversity of our global portfolio, underpinned by effective risk management and operational excellence across all regions. Our ability to adapt, innovate, and drive sustainable growth in a rapidly evolving market underscores our commitment to long-term value creation and supply chain resilience
Strong performance in Ports & Terminals
DP World’s gross container volumes grew by 7.0%6 in 2024, exceeding the industry growth rate of 6.4% as we continue to outperform the market due to our focus on faster growing markets and strengthens our position as a global trade leader. Despite some terminals facing challenges due to the Red Sea crisis, our diversified portfolio and strategic investments have driven strong growth. The Americas, Asia Pacific and Sub-Saharan Africa were key growth drivers, while Jebel Ali (UAE) continued to deliver solid performance, reinforcing its importance within our global network.
In 2024, we have expanded our global footprint, securing 30-year concessions in Dar Es Salaam (Tanzania) and Belawan (Indonesia) to strengthen our presence in high-growth markets. In Turkey, we have enhanced operational capabilities by merging DP World Yarımca with the adjacent Evyapport, creating a unified entity offering an expanded range of logistics solutions to better serve our customers.
With these new additions and ongoing expansions across our portfolio, we have now exceeded 100 million TEU in capacity—a major milestone that reflects our commitment to investing in world-class infrastructure and driving global trade efficiency.
Expanding Logistics Capabilities with New Verticals and Global Scale
Our Logistics division has significantly expanded our capabilities, offering cargo owners a comprehensive suite of end-to-end solutions. Our strategic investments have scaled our freight forwarding network to over 200 locations-, covering nearly all major global trade routes and strengthening our ability to serve a broader client base with seamless, integrated logistics solutions.
We have also expanded into new verticals, including Chemicals and Retail, bringing our total number of focused verticals to eight, covering nearly 50% of global GDP. These additions enhance our ability to provide specialized, high-value logistics services that meet the evolving needs of cargo owners across diverse industries.
Our market access business remains a key enabler, helping cargo owners tap into high-growth consumer markets, particularly in regions that have traditionally been more difficult to access.
As global trade becomes increasingly complex, DP World continues to lead in optimizing supply chain efficiency and improving connectivity across emerging trade corridors. With a clear focus on building scale, expanding vertical expertise, and delivering tailored supply chain solutions, we are well-positioned for sustained growth and long-term value creation.
Marine Services: Strengthening Connectivity and Strategic Customer Relationships
Through our Unifeeder operations, we continue to provide efficient and environmentally responsible transportation solutions, ensuring seamless connectivity for global shipping lines and cargo owners.
The Red Sea disruptions and resulting congestion had some impact on our operations in Europe, but this was more than offset by higher freight rates, demonstrating the resilience and adaptability of our Marine Services business.
In recent years we have strategically expanded into new regions – including Asia, the Indian Subcontinent, the Middle East, and Latin America- enhancing our ability to serve cargo owners more effectively. These value-added feeder services are deepening our strategic relationships with customers, creating synergies that benefit the wider DP World business.
Our DryDocks business continues to perform strongly, supported by new contracts and sustained demand for its specialized services. We remain committed to investing in our key maritime hubs, ensuring we continue to provide world-class solutions that support global trade.
Driving Decarbonisation and Sustainability
In 2024, we took bold steps to bring sustainability closer to our core business and customer needs. We issued a US$100 million Blue Bond (designed to fund sustainable projects in the maritime and water sectors), the first for a corporate from the Central and Eastern Europe, Middle East and Africa (CEEMEA) region, alongside the launch of our Ocean Strategy—a blueprint for strengthening our commitment to ocean conservation and the blue economy. We are dedicated to fostering biodiversity through sustainable practices and protecting ecosystems while supporting the growth of international trade.
Further strengthening our climate leadership, we became the first logistics company in the region to have our targets validated by the Science Based Targets initiative—a significant step towards decarbonising supply chains for our customers.
Against our 2022 base year, we exceeded our 10.5% Scope 1 and Scope 2 carbon emissions reduction target, and close to 65% of electricity sourced globally today comes from renewable energy.
Beyond our own organisation, we are committed to supporting communities by addressing fundamental needs such as access to clean water, education, and economic opportunities. Working together with our strategic partners, such as WaterAid and Barefoot College International we are driving tangible impact. Working with WaterAid, we have expanded sanitation and hygiene (WASH) projects in Mozambique and Nigeria, reaching over 27,000 people and local port communities.
Group Deputy CEO & CFO review
DP World delivered a strong financial performance in 2024, with adjusted EBITDA increasing by 6.7% to $5.5 billion, reflecting a solid adjusted EBITDA margin of 27.2%. This stability and resilience, despite a challenging macroeconomic environment, underscores the strength of our diversified portfolio and business model.
Revenue grew by 9.7% to $20.0 billion, supported by acquisitions and strong underlying performance, particularly in our Ports and terminals business. Like-for-like revenue growth was 6.9%, driven by strong contributions from the Australia and Americas (+14.9%) and Asia Pacific and India (+11.1%).
Our financial strength was further reinforced by affirmed credit ratings of BBB+ (Stable) by Fitch and Baa2 (Stable) by Moody’s. Additionally, we continued to strengthen our balance sheet, reducing net leverage to 3.4x Net Debt to Adjusted EBITDA on a pre-IFRS16 basis, compared to 3.7x in 2023.
Segment Information
Asia Pacific and India
| Results before separately disclosed items USD million | 2024 | 2023 | % change | Like-for-like at constant currency % change |
| Consolidated throughput (TEU ‘000) | 13,097 | 10,826 | 21.0% | 3.1% |
| Revenue | 2,846 | 2,155 | 32.1% | 11.1% |
| Share of profit from equity-accounted investees (net of tax) | 102 | 113 | (9.7%) | (4.2%) |
| Adjusted EBITDA | 709 | 615 | 15.4% | (1.4%) |
| Adjusted EBITDA margin | 24.9% | 28.5% | (3.6%) | 25.8%⁴ |
| Net profit after tax (before SDI) | 360 | 280 | 28.6% | 7.6% |
| Capex | 371 | 188 | (97.3%) | – |
The Asia Pacific and India region achieved strong top-line growth, driven by a combination of robust container volume expansion and portfolio additions. While acquisitions contributed to reported EBITDA growth, like-for-like performance remained stable.
Overall, revenue increased by 32.1% on a reported basis which resulted in adjusted EBITDA of $709 million.
We invested $371 million in Asia Pacific and India, mainly focused on Belawan (Indonesia), Logistics business in India and Pusan (South Korea).
Middle East, Europe, and Africa
| Results before separately disclosed items USD million | 2024 | 2023 | % change | Like-for-like at constant currency % change |
| Consolidated throughput (TEU ‘000) | 26,238 | 25,657 | 2.3% | 1.0% |
| Revenue | 13,922 | 13,225 | 5.3% | 4.5% |
| Share of profit from equity-accounted investees (net of tax) | 45 | 38 | 16.1% | 17.1% |
| Adjusted EBITDA | 4,207 | 4,064 | 3.5% | 3.9% |
| Adjusted EBITDA margin | 30.2% | 30.7% | (0.5%) | 30.1%⁴ |
| Net profit after tax (before SDI) | 2,849 | 2,728 | 4.5% | 5.3% |
| Capex | 1,428 | 1,595 | 10.5% | – |
The Middle East, Europe, and Africa region delivered a solid performance, led by strong results in the UAE and Africa. However, disruptions in the Red Sea led to a softer performance in Jeddah (Saudi Arabia) and Unifeeder (Europe).
Total reported revenue grew by 5.3% to $13.9 billion, supported by a solid performance across key markets. Adjusted EBITDA increased by 3.5% to $4.2 billion, maintaining a healthy margin above 30%.
We invested $1.4 billion in the region, mainly in the UAE including Drydocks World, Jeddah (Saudi Arabia) London Gateway Port (UK), Logistics Business in Sub-Saharan Africa and Dar es Salaam (Tanzania).
Australia and Americas
| Results before separately disclosed items USD million | 2024 | 2023 | % change | Like-for-like at constant currency % change |
| Consolidated throughput (TEU ‘000) | 12,707 | 11,024 | 15.3% | 15.3% |
| Revenue | 3,255 | 2,870 | 13.4% | 14.9% |
| Share of profit from equity-accounted investees (net of tax) | 9 | 13 | (28.5%) | (33.0%) |
| Adjusted EBITDA | 1,141 | 938 | 21.7% | 9.7% |
| Adjusted EBITDA margin | 35.1% | 32.7% | 2.4% | 35.1%⁴ |
| Net profit after tax (before SDI) | 759 | 566 | 34.1% | 11.7% |
| Capex | 359 | 318 | (12.9%) | – |
The Australia and Americas region experienced strong growth, primarily driven by robust container volumes in the Americas. Australia maintained a steady performance throughout the year.
Total reported revenue grew by 13.4% to $3.3 billion, while adjusted EBITDA increased by 21.7% to $1.1 billion. EBITDA margins remained above 35%.
We invested $359 million in capital expenditure in Australia and Americas, mainly in Callao (Peru), Fraser Surrey Docks (Canada), Caucedo (Dominican Republic) and DPW Santos (Brazil).
Service Capabilities
Ports & Terminals
| Results before separately disclosed items USD million | 2024 | 2023 | % change | Like-for-like at constant currency % change |
| Revenue | 7,725 | 6,399 | 20.7% | 19.4% |
| Adjusted EBITDA | 3,935 | 3,368 | 16.8% | 12.3% |
| Adjusted EBITDA margin | 50.9% | 52.6% | (1.7%) | 51.0%⁴ |
Ports and Terminals delivered a strong performance, supported by robust volumes and a focus on high-margin cargo, which contributed to profitability. Revenue per TEU increased by 10.1%, driving overall revenue growth.
Revenue grew by 20.7% to $7.7 billion, driving an increase in adjusted EBITDA.
We invested $1.2 billion in strategic locations including Jebel Ali (UAE), Belawan (Indonesia), Jeddah (Saudi Arabia), London Gateway Port (UK), Callao (Peru) and Fraser Surrey Docks (Canada).
Logistics, parks and economic zones
| Results before separately disclosed items USD million | 2024 | 2023 | % change | Like-for-like at constant currency % change |
| Revenue | 8,199 | 7,921 | 3.5% | (1.2%) |
| Adjusted EBITDA | 1,162 | 1,408 | (17.5%) | (20.8%) |
| Adjusted EBITDA margin % | 14.2% | 17.8% | (3.6%) | 14.3%⁴ |
Logistics, parks and economic zones revenue remained stable, with strong freight forwarding growth and acquisitions offsetting the impact of geopolitical challenges and currency devaluation in Africa.
Adjusted EBITDA declined to $1.2 billion due to higher human capital investment to drive growth and softer freight management market.
$652 million was invested in Logistics, parks and economic zones targeting expansions in Sub-Saharan Africa, India, GCC and Europe.
Marine Services
| Results before separately disclosed items USD million | 2024 | 2023 | % change | Like-for-like at constant currency % change |
| Revenue | 4,099 | 3,930 | 4.3% | 3.4% |
| Adjusted EBITDA | 959 | 840 | 14.3% | 14.2% |
| Adjusted EBITDA margin % | 23.4% | 21.4% | 2.0% | 23.4%⁴ |
Growth in Marine Services was driven by DryDocks World (UAE), which continued to benefit from new contracts and strong market conditions. Unifeeder, which operates feeder and short-sea services, had a mixed performance. Red Sea disruptions caused congestion and lower volumes in Europe, while higher freight rates helped drive better-than-expected income in the Indian Subcontinent. Meanwhile, P&O Maritime Logistics remained stable.
Overall, revenue increased by 4.3% on a reported basis which resulted in adjusted EBITDA of $959 million.
We invested $327 million in Marine Services mainly in P&O Maritime Logistics and DryDocks World (UAE).
Cash Flow and Balance Sheet
5 includes 50% Hybrid bonds (USD 738 million) as per rating agencies methodology. Adjusted gross debt⁵ (excluding bank overdrafts and loans from non-controlling shareholders) rose to $27.2 billion as of 31 December 2024 (2023: $23.7 billion), primarily due to increased lease and service concession liabilities, which grew from $4.5 billion to $7.1 billion. Interest-bearing debt stood at $19.3 billion, while cash and short-term investments increased to $4.8 billion, resulting in a net debt of $22.4 billion ($15.3 billion on a pre-IFRS 16 basis). Net leverage for 2024 improved to 3.4x (FY2023: 3.7x) on a pre-IFRS 16 basis. On a post-IFRS16 basis, net leverage stands at 4.1x (FY2023: 4.0x). Cash flow generated from operating activities remained strong at $5.5 billion.
Capital expenditure
Consolidated capital expenditure in 2024 was $2.2 billion (FY2023: $2.1 billion), with maintenance capital expenditure of $345 million (FY2023: $279 million). Capital expenditure was split 53% Ports and terminals, 26% Logistics, parks and economic zones, 15% Marine services and the remaining balance between Digital and Corporate. On a regional split, 64% for UAE, Middle East, Africa and Europe, 16% for Australia and Americas, 17% for Asia Pacific and India and the balance is for Corporate.
We expect the full-year 2025 capital expenditure to be up to $2.5 billion to be invested mainly in Jebel Ali Port, Drydocks World and Jebel Ali Freezone (UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal), Jeddah (Saudi Arabia) and DP World Logistics (Global).
Net finance costs before separately disclosed items
Net finance costs in 2024 were $1.4 billion compared to $1.1 billion in 2023. Increase in net finance costs mainly due to higher corporate debt and increase in interest expenses on lease and service concession liabilities.
Taxation
For 2024, DP World’s income tax expense before separately disclosed items increased to $490 million (2023: $404 million). DP World was subject to income tax on its UAE operations for the year ended 31 December 2024. A 0% tax rate applies in respect of certain income from Free Zone entities. The Group has recognized an income tax expense of $43 million in relation to income taxable at the UAE statutory rate of 9%.
In addition to the UAE income tax, DP World’s total income tax expense includes the tax payable on the profit earned by overseas subsidiaries calculated in accordance with the taxation laws and regulations of the countries in which they operate.
DP World operates in jurisdictions that have enacted the BEPS Pillar II minimum global taxation rules. However, for most jurisdictions the application of these do not impact the Group until 2025.
Profit attributable to non-controlling interests (minority interests)
Profit attributable to non-controlling interests (minority interest) before separately disclosed items was $731 million in 2024 (2023: $481 million), mainly due to change in profit mix coupled with increase in minority interests in Jebel Ali (UAE).
| Sultan Ahmed Bin Sulayem Group Chairman and Chief Executive Officer | Yuvraj Narayan Group Deputy CEO & CFO |
About DP World
Trade is the lifeblood of the global economy, creating opportunities and improving the quality of life for people around the world. DP World exists to make the world’s trade flow better, changing what’s possible for the customers and communities we serve globally.
With a dedicated, diverse and professional team of more than 115,000 employees from 166 nationalities, spanning 79 countries on six continents, DP World is pushing trade further and faster towards a seamless supply chain that’s fit for the future.
We’re rapidly transforming and integrating our businesses — Ports and Terminals, Marine Services, Logistics and Technology – and uniting our global infrastructure with local expertise to create stronger, more efficient end-to-end supply chain solutions that can change the way the world trades.
What’s more, we’re reshaping the future by investing in innovation. From intelligent delivery systems to automated warehouse stacking, we’re at the cutting edge of disruptive technology, pushing the sector towards better ways to trade, minimising disruptions from the factory floor to the customer’s door.
WE MAKE TRADE FLOW
TO CHANGE WHAT’S POSSIBLE FOR EVERYONE.
1 Results before separately disclosed items (BSDI) primarily excludes non-recurring items. DP World reported separately disclosed items of a $176 million loss for the year.
2 Like-for-like at constant currency is normalised for the new acquisitions and concessions at Belawan (Indonesia), Dar es Salaam (Tanzania), Evyap (Turkey), Sabah (Malaysia), Dubai Fruits and Vegetables, Dubai Auto Market (UAE) and other Logistics business mainly Cargo Services Group and Legends.
3 Adjusted EBITDA is Earnings before Interest, Tax, Depreciation & Amortisation and including share of profit from equity-accounted investees (net of tax) before separately disclosed items.
4 Like-for-like adjusted EBITDA margin.
5 includes 50% Hybrid bonds (USD 738 million) as per rating agencies methodology.
6 On a like-for-like basis
