DP World’s revenue grows by 3.3% to $9.3 billion in first half of 2024

DP World Limited on Thursday announced resilient financial results for the first six months to 30 June 2024. On a reported basis, revenue grew by 3.3% to $9,335 million ($9.3b) while adjusted EBITDA3 decreased by 4.3% to $2,497 million with an adjusted EBITDA margin of 26.8%.

Like-for-like gross container volumes growth of 6.1% driven by strong growth in Americas, Europe, Asia Pacific, and Jebel Ali. Capital expenditure of $994 million ($910 million in H1 2023 was invested across the existing portfolio with $593 million in Ports and Terminals, $278 million in Logistics and Parks and Economic Zones, $122 million in Marine Services and $1 million in Head Office.

Capital expenditure guidance for 2024 is for approximately $2 billion to be invested in the UAE including Drydocks World, London Gateway (United Kingdom), Inland logistics (India), Dakar (Senegal), East Java (Indonesia), Callao (Peru), Jeddah (Saudi Arabia), Dar Es Salam (Tanzania) and DP World Logistics (Africa) and Fraser Surrey Docks (Canada).

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented: ‘’We are pleased to report resilient results, with revenue increasing by 3.3% in the first half of the year, despite challenging macroeconomic conditions. The year 2024 has been marked by a deteriorating geopolitical environment and disruptions to global supply chains due to the Red Sea crisis.

Nevertheless, our strategic emphasis on high-margin cargo, comprehensive end-to-end supply chain solutions, and stringent cost management have been crucial in achieving this financial performance.In Logistics, our investments have been focused on organically expanding our freight forwarding platform, which now encompasses over 90% of global trade across more than 150 locations worldwide.

Strategic investments in sectors poised for high growth allow us to provide value-added services, and we remain dedicated to continuously improving our logistics capabilities. This includes tackling supply chain inefficiencies and enhancing connectivity in key trade corridors to better support cargo owners.’’

Salama reports a 67% increase:  Islamic Arab Insurance Company (DFM listing: “Salama”), UAE’s largest Takaful solutions provider, has reported a net profit of Dhs 20.53 million, compared to Dhs 12.26 million during the same period in 2023. In line with the company’s commitment to delivering core business profitability, Takaful revenue was recorded at Dhs 528.58 million - despite facing a challenging revenue environment, while total assets rose to Dhs 3,701.08 million.

The statement of financial position remains stable with a modest increase in total assets. Other operating income increased to Dhs 20.68 million, a 277% increase compared to same period of last year while foreign currency adjustments were negatively impacted given the depreciation of the Egyptian Pound.Commenting on the H1 2024 financial results, Walter Jopp, Chief Executive Officer at Salama, said: “As we implement our strategy and focus on delivering profitable growth, I am pleased with the progress we have made by focusing on underwriting discipline and supporting customer needs.

The company’s performance shows the positive outcomes of our customer-focused approach, including strategic partnerships and digitization of solutions and services.

We will continue to accelerate this growth and create value for our customers and shareholders with world-class solutions. We remain committed to contributing to the progress of the UAE as a Shariah-compliant market leader surpassing 45 years.”

Amanat:  Amanat Holdings, the leading healthcare and education listed investment company, announced its financial results for the six-month period ended 30 June 2024 (H1 2024).

Revenue grew by 17% year-on-year to Dhs 433 million in H1 2024 driven by strong performance in Education, which grew 26% year-on-year.

EBITDA increased by 1% year-on-year to Dhs 154 million in H1 2024, with an 18% increase in education partially offset by a decline at healthcare due to a one-time prior year gain and near-term revenue pressure in the UAE. Excluding the prior year one-time gain, adjusted EBITDA increased by 8%.

Net profit before Tax and Zakat increased 2% year-on-year to Dhs 101 million in H1 2024, or 13% excluding a prior year one-time gain.

The Company registered a significant cash balance of Dhs 480 million with low leverage at the end of H1 2024.

The board of directors endorsed an interim dividend ofDhs 75 million for the period, equivalent to AED 3 fils per share, reflecting Amanat’s commitment to returning value to its shareholders.

Amanat’s Chairman, Dr. Shamsheer Vayalil, said: “Amanat made strong progress on its value creation strategy in the first half of 2024, with continued growth at the Education business and with both our Healthcare and Education businesses well positioned to capture significant demand growth, underpinned by favorable market and sector fundamentals.

WAM