Dubai-owned port operator DP World crosses $9b in H1-2023 revenues

Dubai-owned port operator DP World crosses $9b in H1-2023 revenues

DP World is undertaking a $2 billion capex program this year, raising sizeable container volume capacity at key ports in the network.

Image Credit: Twitter/Dubai Media Office









Dubai: The Dubai port operator DP World was helped by 13.9 per cent growth as revenues for the first-half 2023 crossed $9 billion. Profit for the period was flat at $885 million.



DP World termed the numbers as being ‘resilient’ to continuing volatility in global trade movements.







“Despite facing a softer container market and weakened freight rates amid challenging economic conditions, our focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimization has been crucial in securing these results,” said Sultan Ahmed Bin Sulayem, Group Chairman and CEO.



“This strategy has not only been effective during these challenging times but also lays the foundation for our sustainable long-term growth and returns.”



To keep growth happening, the Dubai entity is spending $2 billion this year as capital expenditure, including raising container volumes at some of its network of ports outside the UAE.





"Our logistics vertical has demonstrated robustness in this demanding economic landscape, attracting more cargo owners