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Dubai-based global port operator DP World said net profit attributable to the owners fell nearly 10% in H1 2023 to $651 million and said the outlook remains uncertain.
Revenue grew 14% to $9 billion, mainly attributable to the full six months consolidation of Imperial Logistics, the company said in a statement on Thursday.
Adjusted EBITDA grew 7% to $2.6 billion with adjusted EBITDA margin at 28.9%.
Capital expenditure guidance for 2023 is for approximately $2 billion to be invested in UAE, Jeddah (Saudi Arabia), London Gateway (United Kingdom), Dakar (Senegal), Callao (Peru) and DPW Logistics (South Africa).
"Despite facing a softer container market and weakened freight rates amid challenging economic conditions, our focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimization has been crucial in securing these results. This strategy has not only been effective during these challenging times but also lays the foundation for our sustainable long-term growth and returns," Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said.
The port operator said outlook remains uncertain due to geopolitics, inflationary environment, higher interest rates and currency fluctuations.
(Reporting by Brinda Darasha; editing by Seban Scaria)
