DP World doubles first-half profit despite geopolitical tension and Red Sea disruption

Global ports operator 'optimistic' on outlook for global trade and logistics

DP World said its revenue increased 20.4 per cent year-on-year to $11.2 billion in the first six months of 2025. Photo: DP World

Global ports operator DP World's first-half profit has doubled despite industry-wide challenges arising from geopolitical tension, Red Sea shipping disruption and economic uncertainty.

Profit attributable to owners of the company in the six months to the end of June jumped to $532 million, from $265 million in the same period of 2024, the Dubai-based company said on Thursday.

Revenue increased 20.4 per cent year-on-year to $11.2 billion, driven by growth across its ports and terminals, and recent acquisitions, it said.

“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 bin Sulayem.

“Despite these challenges, our strategy of delivering integrated end-to-end solutions and operating critical infrastructure in key markets has allowed us to continue supporting cargo owners to move their freight and to deliver a strong set of results.”

DP World recorded $1.08 billion in capital expenditure during the first half of 2025, with a full-year target of $2.5 billion. Photo: DP World

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 the country's key trading partners.

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 last month.

Trade rose about 1.5 per cent in the first quarter and projections are for 2 per cent growth in the second quarter, it said.

Trade in services remained the main driver of annual growth, rising 9 per cent over the last four quarters, while developed countries outpaced developing countries in the first quarter of 2025, reversing recent trends that had favoured the Global South, the report found.

DP World, which operates ports from Peru to Australia, said its container volumes increased 5.6 per cent on a like-for-like basis, reaching 45.4 million TEU (twenty-foot equivalent units) across the global portfolio. The growth was led by operations in Europe, Africa and the Middle East, which rose 10.2 per cent annually to 16.9 million TEUs.

DP World's adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) rose 21.4 per cent to $3.03 billion.

“This performance was underpinned by continued momentum in ports and terminals and marine services, supported by strong cash generation and a disciplined balance sheet,” said Yuvraj Narayan, group deputy chief executive and chief financial officer.

“We remain well-positioned to fund strategic growth, maintain our credit strength, and respond to evolving market conditions.”

Outlook in 2025

The company was bullish on its outlook for the year thanks to a sustained throughput growth, strengthening balance sheet and strategic capital expenditure.

It expects to deliver a strong ebitda performance in 2025, despite “ongoing macroeconomic headwinds and continued pressure on key shipping corridors”, it said.

DP World reached $1.08 billion in capital expenditure in key growth markets during the first half of the year. The full-year target of $2.5 billion will back expansion in Jebel Ali Port, Drydocks World, Tuna Tekra (India), London Gateway (UK) and Dakar (Senegal), along with DP World Logistics and P&O Maritime Logistics, it said.

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

“Looking ahead, we remain optimistic about the medium to long-term outlook for global trade and logistics,” Mr bin Sulayem said. “As supply chains evolve, DP World is well-positioned to lead the industry in delivering efficient, resilient and sustainable trade solutions that create long-term value.”