Thursday, July 18, 2024

9.5 billion dirhams, “DB World’s” adjusted profit in the first half

Date:

DP World Group (DB World Limited) reported buoyant financial results for the first six months of the year to June 30, 2023, which saw revenue rise 13.9% to $9.037 billion (33.1 billion dirhams) and adjusted profit before deductions. Interest, taxes, depreciation and amortization rose 7% to $2.611 billion (9.5 billion dirhams), with an adjusted profit margin before interest, taxes, depreciation and amortization of 28.9%.

Sultan Ahmad bin Sulaym, chairman and CEO of DP World Group, said: “While facing the challenges of a weak container market, low freight rates and difficult economic conditions, our focus remains on high-margin cargo and supply chain solutions. and cost optimization policies were key to achieving these results, and this strategy was not only effective during these difficult times, but also laid the foundation for long-term sustainable revenue growth.

He added, “The logistics services sector has shown its strength and agility in this challenging economic environment as it has attracted more cargo owners to our platform. Strategic investments in high growth sectors have enabled us to deliver value-added solutions and we have addressed supply chain inefficiencies and key Be committed to continuous improvements to our logistics platform including improving connectivity along trade routes.

He pointed out that DP World Limited will continue to make significant progress towards its goal of achieving net zero carbon emissions by 2050. He continued: “Our recent investments in renewable energy through the International Renewable Energy Certificates (I-REC) program have resulted in a massive reduction in carbon emissions of up to 47%. This is 22% of our total emissions over the next five years ».

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And “DB World” in a report, net cash from operating activities was $ 1.951 billion in the first half, (compared to $ 1.931 billion in the first half of 2022). The group said capital expenditures of $910 million (compared to $741 million in the first half of 2022) were invested through the current business portfolio. , $187 million for campuses and economic zones and marine services, and $27 million for “digital solutions” and headquarters. While the orders for capital expenditures for 2023 are almost two billion dollars, they will be invested in Jeddah in the United Arab Emirates, Saudi Arabia, “London Gateway” in the United Kingdom, Dakar in Senegal, “Kalau” in Peru and “DPW Logistics”. “. “In South Africa.

Focused on improving revenue integration and building strong long-term relationships with cargo owners, while its advanced logistics portfolio provides value-adding capabilities in fast-growing markets and sectors. DP World aims to provide supply chain solutions to freight owners as the group is well positioned to benefit from the growing demand for customized solutions in the logistics industry.

Looking to the future, DB World is optimistic about the sector’s performance in the medium and long term for global trade, with a focus on providing integrated supply chain solutions to cargo owners to achieve sustainable returns.


Credit rating

The credit rating of “DB World” improved by two points at the “Fitch” agency, reaching “PBB+” with a stable outlook, and one step at the “Moody’s” agency, reaching “BAA2” with a stable outlook, “DB World to maintain a strong investment grade in the medium term.” .

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Zero emissions

DB World’s commitment to the energy transition process and achieving net zero emissions comes in line with the UAE’s strategic initiative to achieve climate neutrality by 2050, as investment in the International Renewable Energy Certificates (I-REC) program has reduced carbon emissions by 47%. « DB World UAE », in addition to its commitment to invest more than $500 million to reduce carbon dioxide emissions by 700,000 tons over the next five years.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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