Dubai-based DP World ’s net income attributable to its owners fell 9.7% y-o-y to USD 651 mn in 1H 2023, amid a softer container market and weak economic conditions, according to a financial statement (pdf). Despite the decline in net income, it managed to boost revenues by 13.9% y-o-y to USD 9 bn during the period due to its consolidation of Imperial Logistics’ operations, which it acquired last year.

The breakdown: Revenues in the ports and terminals segment rose 3.7% y-o-y to USD 3.1 bn during the first half of the year, while the logistics sector reported a 36.15% y-o-y surge to reach USD 3.9 bn, according to DP World’s interim results presentation (pdf). Revenues from its marine services, on the other hand, saw a 1.98% y-o-y drop to USD 2 bn.

MENA region driving growth: The Middle East, African, and European regions saw improved performance with total revenues from operations in the three regions rising 26% y-o-y to USD 6.5 bn. Net income also increased 35.8% y-o-y to USD 1.4 bn.

On the downside: Asia Pacific and India experienced subdued levels of activity in marine services on the back of lower freight rates, which resulted in a 17% y-o-y decrease in revenues to USD 1.1 bn.

Looking ahead: The company is looking to invest some USD 2 bn in CAPEX in the UAE, Jeddah, London Gateway, Dakar, Callao, and DPW Logistics this year. It remains “positive” on the outlook for global trade in the medium and long term, though it said uncertainty remains on the back of geopolitics, heightened inflation, interest rates, and volatility in exchange rates.

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