DP World: robust growth in H1/2023
DP World’s financial results for the first half of 2023 show robust growth, with a 13.9% increase in revenue to USD 9.0 billion and a 7.0% rise in adjusted ebitda to USD 2.6 billion, reflecting a 28.9% adjusted ebitda margin.
The growth is driven by a full consolidation of Imperial Logistics for six months and a the above average performance of Imperial Logistics in Africa and Drydocks World in UAE. Capital expenditure of USD 910 million was allocated across existing sectors, with planned investments of approximately USD 2.0 billion for 2023.
DP World's commitment to renewable energy led to a 47% reduction in carbon emissions and a USD 500 million investment plan to cut CO2 emissions by 700,000 t in the next five years.
The company's credit rating improved to BBB+ with a stable outlook, though uncertainties due to geopolitics, inflation, interest rates, and currency fluctuations persist, while DP World remains optimistic about the long-term global trade outlook. (pb)