{"id":72890,"date":"2023-08-21T00:00:00","date_gmt":"2023-08-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/21\/dp-worlds-net-income-falls-in-1h-2023-amid-weak-market-conditions\/"},"modified":"2023-08-21T00:00:00","modified_gmt":"2023-08-21T00:00:00","slug":"dp-worlds-net-income-falls-in-1h-2023-amid-weak-market-conditions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/21\/dp-worlds-net-income-falls-in-1h-2023-amid-weak-market-conditions\/","title":{"rendered":"DP World\u2019s net income falls in 1H 2023 amid weak market conditions"},"content":{"rendered":"

Dubai-based <\/strong><\/a> DP World<\/a><\/strong> \u2019s net income attributable to its owners fell 9.7% y-o-y to <\/strong> USD 651 mn <\/strong> in 1H 2023<\/strong>, amid a softer container market and weak economic conditions, according to a financial statement (pdf)<\/a>. 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\u2019 operations, which it acquired<\/a> last year. <\/p>\n

The breakdown: <\/strong>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\u2019s interim results presentation (pdf)<\/a>. Revenues from its marine services, on the other hand, saw a 1.98% y-o-y drop to USD 2 bn. <\/p>\n

MENA region driving growth: <\/strong> 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. <\/p>\n

On the downside: <\/strong>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. <\/p>\n

Looking ahead: <\/strong>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 \u201cpositive\u201d 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. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company saw its revenues rise 13.9% y-o-y on the back of the consolidation of its African subsidiary Imperial Logistics<\/p>\n","protected":false},"author":1,"featured_media":72891,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[23,174,17,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-72890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-dp-world","tag-earnings-watch","tag-enterprise-logistics","tag-uae","wpautop","entry"],"acf":{"mongo_id":"7bd0faa5-13e7-4c6a-a993-51b548c8dae3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/922.jpg","photo_position":"above","homepage_title":"","full_issue_title":"DP World\u2019s net income falls in 1H 2023 amid weak market conditions","related_issue":[72880],"teaser":"The company saw its revenues rise 13.9% y-o-y on the back of the consolidation of its African subsidiary Imperial Logistics","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.d8144b1d-e4b1-4804-a111-fcd47115bca3.mp3"},"yoast_head":"\nDP World\u2019s net income falls in 1H 2023 amid weak market conditions - 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