2023-08-17 07:13:44
Thursday, August 17, 2023 – 11:12 am
DUBAI, 17th August / WAM / DP World Group, “DB World Limited”, announced today; For flexible financial results for the first six months of the current year until June 30, 2023; Revenues grew by 13.9% to reach $9,037 million, and adjusted EBITDA grew by 7.0% to reach $2,611 million (regarding 9.5 billion dirhams), with an adjusted profit margin before deducting interest, taxes, depreciation, and amortization of 28.9%. %.
Sultan Ahmed Bin Sulayem, Chairman and Group CEO of DP World, DP World, said: “Despite facing the challenges of a weak container market, low freight rates and challenging economic conditions, our focus is on high-margin cargo and supply chain solutions. Custom integrated and cost optimization policies were the key to achieving these results, and this strategy has not only been effective during these challenging times, but has laid the foundation for long-term sustainable revenue growth.”
He added: “The logistics 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 offer 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, adding: “Our recent investments in renewable energy through the International Renewable Energy Certifications (I-REC) program have resulted in a reduction in carbon emissions. We are confident that we will achieve our goal of reducing carbon emissions by 700,000 tons, which represents regarding 22% of our total emissions over the next five years.”
And “DB World” indicated, in a statement, that the net cash generated from operating activities amounted to 1951 million US dollars in the first half of 2023 (compared to 1931 million dollars in the first half of 2022), while the debt ratio (net debt to Adjusted earnings before interest, tax, depreciation and amortization) before the application of “IFRS 16” 2.8x (FY2022: 2.7x), and following the application of “IFRS 16”, the net gearing ratio was 3.2x compared to 3.0 double in fiscal year 2022.
DB World’s credit rating also improved by 2 notches at Fitch Agency to reach “BBB+” with a stable outlook, and 1 notch at Moody’s to reach “Baa2” with a stable outlook on improved financial performance and a stronger balance sheet. DB World is committed to maintaining a strong investment grade rating over the medium term.
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. $187 million for marine services, $27 million for Digital Solutions and head office, while guidance for capital expenditures for 2023 is approximately $2.0 billion, to be invested in the UAE, Jeddah in Saudi Arabia, and the London Gateway port in UK, Dakar Port in Senegal, Callao Port in Peru, and DBW Logistics in South Africa.
She added that she is focused on enhancing revenue integration and building strong long-term relationships with cargo owners, while her enhanced logistics portfolio offers value-added capabilities in fast-growing markets and sectors, and dbworld aims to provide supply chain solutions to cargo owners by leveraging its infrastructure. best in the sector; The group is well positioned to benefit from the growing demand for customized solutions in the logistics sector.
The 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. The investment in the International Renewable Energy Certifications (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 CO2 emissions by 700,000 tons over the course of the year. the next five years.
Looking ahead, dbworld remains optimistic regarding 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 generate sustainable revenues.
Muhammad Jaballah / Ibrahim Nuseirat
1692257251
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