DP World posts $20.0 billion revenue for 2024

Big boost from ports and terminals
DP World’s revenue increased 9.7% to $20.0 billion, for the year ended December 31, 2024, compared to $18.25 billion in 2023, showcasing a solid performance despite a challenging geopolitical environment, with significant contributions from its ports and terminals and strategic investments boosting its integrated logistics offering.
Adjusted EBITDA also rose by 6.7% to a record $5.5 billion, with an EBITDA margin of 27.2%. These results reflect the company’s continued expansion in key markets and strong performance across its business segments.
In terms of profit, DP World decreased by 2.0%, with profit for the year amounting to $1.48 billion, compared to $1.51 billion in 2023. However, profit attributable to the company’s owners before separately disclosed items decreased by 27.2%, from $1.03 billion in 2023 to $0.75 billion in 2024. The decline in profit was primarily attributed to increased finance costs, although the company managed to maintain strong operational cash flow.
Revenue growth
The 9.7% revenue growth was driven by a robust performance from DP World’s ports and terminals and contributions from recent acquisitions and new concessions. The company reported a 13.9% increase in revenue per Twenty-Foot Equivalent Unit (TEU) on a like-for-like basis, with robust growth observed in the Middle East and the Americas.
One of the highlights of DP World’s strategy has been its ongoing investment in capacity expansion. In 2024, the company’s capacity exceeded 100 million TEU, underpinned by targeted infrastructure investments in high-growth markets.

DP World’s capital expenditure for the year was $2.2 billion, slightly up from $2.1 billion in 2023. 2025 the company plans to invest around $2.5 billion, focusing on key locations such as Jebel Ali in the UAE, Drydocks World, Tuna Tekra in India, and London Gateway in the UK.
DP World’s integrated logistics solutions were also a significant driver of its performance in 2024. The company continues to strengthen its portfolio, offering end-to-end supply chain solutions tailored to the needs of cargo owners. By combining infrastructure with logistics services, DP World is well-positioned to capitalise on the growing demand for customisable, high-performance supply chain solutions.
Strong cash flow
DP World demonstrated strong cash generation in 2024, with cash from operating activities increasing by 18.9%, reaching $5.5 billion compared to $4.6 billion in 2023. The company also made progress in reducing its net leverage, with net debt to adjusted EBITDA on a pre-IFRS16 basis improving to 3.4x, down from 3.7x in FY2023. On a post-IFRS16 basis, net leverage stood at 4.1x, slightly higher than the 4.0x recorded in 2023.
Sustainability push
DP World has maintained a strong focus on its sustainability efforts, marking significant milestones in its transition to a greener future. The company issued a $100 million blue bond, the first of its kind from a corporation in Central and Eastern Europe, the Middle East, and Africa (CEEMEA) region. This bond issuance was part of its broader Ocean Strategy, aimed at driving sustainability within its operations.
Moreover, DP World became the first logistics company in the Middle East region to have its climate targets validated by the Science Based Targets initiative (SBTi), reinforcing its commitment to decarbonising supply chains. In 2024, the company surpassed its 10.5% carbon emissions reduction target (Scope 1 and Scope 2), with nearly 65% of its global electricity now sourced from renewable energy.
2025 outlook
Despite the uncertainties in global trade, DP World remains optimistic about its long-term prospects. The company’s integrated solutions and ongoing investments are expected to sustain its growth trajectory. Sultan Ahmed bin Sulayem, DP World’s Group Chairman and CEO, expressed confidence in the company’s strategy, noting that the firm is well-positioned to capitalise on new opportunities as global trade evolves.
“The strong financial performance in 2024, coupled with our investments in key markets and capacity expansion, puts us in a strong position to navigate the ongoing geopolitical challenges,” said bin Sulayem.
“We continue to enhance our efficiency, expand our capabilities, and deepen partnerships to build a resilient business that can thrive in the evolving global trade landscape.”
Looking ahead, DP World is focused on expanding its footprint through strategic acquisitions and investments, particularly in high-growth sectors and emerging trade corridors. With a positive medium-term outlook, the company is set to deliver long-term sustainable returns to its stakeholders.
Hero image: In 2024, DP World’s adjusted EBITDA rose by 6.7% to a record $5.5 billion, with a margin of 27.2%. Credit: DP World