DP World Doubles First-Half Profit to $532 Million as Revenue Climbs 20.4% to $11.2 Billion

Summary: global ports operator DP World (DP World) doubled its first-half profit despite industry-wide challenges arising from geopolitical tension, Red Sea shipping disruption and economic uncertainty: profit attributable to owners jumped to $532 million in the six months to the end of June, from $265 million in the same period of 2024, on revenue up 20.4 per cent year-on-year to $11.2 billion.

Revenue, volumes and ebitda

Revenue growth was driven by expansion across the company's ports and terminals and by recent acquisitions, DP World said. Container volumes increased 5.6 per cent on a like-for-like basis, reaching 45.4 million TEU across the global portfolio, with growth led by operations in Europe, Africa and the Middle East, which rose 10.2 per cent annually to 16.9 million TEUs. Adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) rose 21.4 per cent to $3.03 billion.

Management commentary

Ongoing geopolitical tensions, the continued closure of the Red Sea route and rising uncertainty around global trade tariffs have caused significant disruption across the industry, said chairman and chief executive Sultan Ahmed bin Sulayem (Sultan Ahmed bin Sulayem). Despite these challenges, the strategy of delivering integrated end-to-end solutions and operating critical infrastructure in key markets has allowed the company to continue supporting cargo owners and to deliver a strong set of results, he said. Group deputy chief executive and chief financial officer Yuvraj Narayan (Yuvraj Narayan) added that the performance was underpinned by continued momentum in ports and terminals and marine services, supported by strong cash generation and a disciplined balance sheet.

Capital expenditure: $2.5 billion for 2025

DP World recorded $1.08 billion in capital expenditure in key growth markets during the first half. The full-year target of $2.5 billion will back expansion at:

Jebel Ali Port and Drydocks World in Dubai.
Tuna Tekra in India and London Gateway in the UK.
Dakar in Senegal.
DP World Logistics and P&O Maritime Logistics.

These investments will focus on improving terminal capacity, supply chain integration and digital capabilities, the company said.

Industry context

The global shipping industry has suffered problems arising from economic uncertainty, supply chain bottlenecks, Houthi attacks on vessels in the Red Sea and shifts in global trade flows due to the on-again, off-again tariffs imposed by US President Donald Trump on key trading partners. Against that backdrop, global trade expanded by about $300 billion in the first half of 2025 despite a slower pace of growth, said the latest Global Trade Update by UN Trade and Development: trade rose about 1.5 per cent in the first quarter with projections of 2 per cent growth in the second, while trade in services rose 9 per cent over the last four quarters.

Outlook

The company was bullish on its outlook for the year thanks to sustained throughput growth, a strengthening balance sheet and strategic capital expenditure, and expects to deliver a strong ebitda performance in 2025 despite ongoing macroeconomic headwinds and continued pressure on key shipping corridors. Looking ahead, bin Sulayem said, DP World remains optimistic about the medium to long-term outlook for global trade and logistics and is well-positioned to lead the industry in delivering efficient, resilient and sustainable trade solutions.