DP World reports 2023 financials
DP World has announced its financial results for 2023, which show a 6.6% revenue growth to USD 18,250 million and a 1.9% uptick in adjusted ebitda to USD 5,108 million. The company's profit for the year decreased by 17.7% to USD 1,514 million due to higher finance costs. Cash generated from operating activities increased by 2.9% to USD 4,579 million.
DP World's financial policy aims to manage the balance sheet at below 4.0x net debt to ebitda and retain a strong investment grade rating. The company plans selective investments in key strategic growth markets, with a capital expenditure budget of approximately USD 2.0 billion for 2024.
DP World says it is committed to transitioning to net zero in line with the UAE 2050 initiative and has achieved 13% decarbonisation in scope 1 and scope 2 carbon emissions. Despite uncertain geopolitical and macroeconomic conditions, it remains positive about the medium to long-term outlook for global trade and will focus on delivering integrated supply chain solutions to drive sustainable returns. (pb)