Dubai-based port operator DP World’s net income dropped 2% y-o-y to USD 1.48 bn in FY 2024 on the back of higher financing costs, according to its financial statements(pdf) released on Thursday. The firm’s revenues climbed 9.7% y-o-y during the same period to USD 20 bn

Behind the numbers: The firm attributed the topline gains to new concessions and acquisitions as well as stronger performance from ports and terminals, whose revenue per TEU saw a 13.9% increase on a like-for-like basis largely due to growth in the Middle East and the Americas.

A breakdown: The company’s ports and terminals segment contributed the most to its top line, recording a 21% y-o-y boost in revenues to USD 7.7 bn. Overall capacity for the segment surpassed 100 mn TEUs, with nearly USD 2.2 bn poured into capital expenditure. Revenues from logistics parks and zones rose nearly 3.5% y-o-y over the same period to USD 8.2 bn, boosted by DP World expanding its freight network to more than 200 locations. Revenue from the marine services division climbed 4.3% y-o-y over the same period to around USD 4.1 bn.

Yearly highlights: In July 2024, the port operator formed DP World Evyap — a JV with Turkey’s Evyap Group — for the management of two major ports in Turkey’s Marmara region. The logistics division added two verticals under its purview in 2024, namely Chemicals as well as Retail via DP World’s acquisition of Hong Kong-based logistics firm Cargo Services Far East in September. The division now covers eight verticals, covering 50% of global GDP, the company said. On the sustainability front, DP World issued MENA’s first blue bond in December — valued at USD 100 mn — to fund sustainable port development, expanding marine ecosystem conservation and restoration projects, and marine pollution initiatives.

The voyage ahead: DP World intends to continue expanding its portfolio via targeted acquisitions as well as scouting out new markets, with a capital expenditure budget of USD 2.5 bn spread across the UAE, Saudi Arabia, the UK, India, and Senegal, the company said. It holds a positive medium-term outlook anchored by the sector’s stable fundamentals.

Alexandria Container and Cargo Handling-

Alexandria Container and Cargo Handling saw its net income rise 55.9% y-o-y in 1H 2024-25 to EGP 3.4 bn, according to the company’s latest earnings (pdf). Revenues rose 55.3% y-o-y to EGP 3.9 bn during the same period.

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