DP World Group (DB World Limited) announced flexible financial results for the first six months of this year, until June 30, 2023, as revenues grew by 13.9% to reach $9.037 billion (33.1 billion dirhams), and witnessed adjusted profits before deduction. Interest, taxes, depreciation and amortization grew by 7%, to reach $2.611 billion (9.5 billion dirhams), with an adjusted profit margin before interest, taxes, depreciation and amortization of 28.9%.
Sultan Ahmed Bin Sulayem, Chairman and CEO of DP World Group, said: “Despite facing the challenges of a weak container market, low freight rates, and difficult economic conditions, our focus is on high-margin cargo and chain solutions. Dedicated integrated sourcing 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 dynamism in this challenging economic situation, as it has attracted more cargo owners to our platform. Strategic investments in high-growth sectors have enabled us to provide value-added solutions, and we remain committed to making continuous improvements to our logistics platform, including addressing supply chain inefficiencies and improving connectivity in key trade lanes to better serve cargo owners.”
He pointed out that DB 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 Certifications (I-REC) program have resulted in a reduction in carbon emissions for (DB World – Emirates) by a large percentage of up to 47%, and we are confident in our ability to achieve our goal of reducing carbon emissions by 700 thousand tons, which represents about 22% of our total emissions during the next five years ».
And “DB World” indicated, in a statement, that the net cash generated from operating activities amounted to $ 1.951 billion in the first half, (compared to $ 1.931 billion in the first half of 2022). The group stated that capital expenditures amounting to $910 million (compared to $741 million in the first half of 2022) were invested through the current business portfolio, indicating that capital expenditures are divided into $412 million for ports and stations, and $284 million for logistics services, complexes and economic zones. And $ 187 million for marine services, and $ 27 million for “Digital Solutions” and the head office. While directives for capital expenditures for 2023 amount to nearly two billion dollars, they will be invested in the UAE, Jeddah in Saudi Arabia, “London Gateway” in the United Kingdom, Dakar in Senegal, “Calao” in Peru, and “DBW Logistics”. ” In South Africa.
It added that it is focused on enhancing revenue integration and building strong long-term relationships with cargo owners, while its enhanced logistics portfolio offers value-add capabilities in fast-growing markets and sectors. DB World aims to provide supply chain solutions to cargo owners by leveraging its best-in-class infrastructure, as the group is well-positioned to benefit from the growing demand for customized solutions in the logistics sector.
Looking to the future, DB World remains 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 revenues.
Credit rating
The credit rating of “DB World” improved by two notches at “Fitch” agency, to reach “BBB+” with a stable outlook, and by one notch at “Moody’s” agency, to reach “Baa2” with a stable outlook, as “DB World” to maintain a strong investment rating in the medium term.
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% in « 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.
2023-08-17 20:01:23
#billion #dirhams #adjusted #profits #World
