Dubai-based port operator DP World’s net income dropped 2% y-o-y to USD 1.5 bn in 2024, on the back of higher financing costs, according to its financial statements (pdf) released on Thursday. Revenues climbed 9.7% y-o-y during the same period to USD 20 bn, on the back of new concessions and acquisitions as well as stronger performance from ports and terminals.

A breakdown: The company’s ports and terminals contributed the most to its topline — 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 in 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.

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. It holds a positive medium-term outlook anchored by the sector’s stable fundamentals.

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