DP World H1 Revenue Rises 13% to $12.7B as Global Ports Offset Jebel Ali Disruption

DP World, the Dubai-based ports operator, lifted first-half revenue 13.1% year on year to $12.7 billion. Growth came from logistics, marine services and international terminals, and it outweighed weaker activity at Jebel Ali, the company's home hub. Middle East trade disruptions had curbed the port's throughput.

Jebel Ali stood out as the weak point. Overall gross throughput fell 5.7% to 42.8 million TEUs, and DP World said the decline largely reflected lower activity at the port. Regional conflict temporarily affected vessel traffic there. The port remains fully operational and suffered no physical damage. To keep cargo moving, DP World expanded inland connectivity rather than relying on the berth alone.

Strip Jebel Ali out, and the picture is different. Revenue excluding the port rose 18.5%. Container volumes across the rest of the network grew 6.5% on a like-for-like basis. Growth was spread across Africa, Asia Pacific, Europe and the Americas. The overall portfolio outpaced estimated market growth of 2.8%, a sign that the network gained share rather than merely tracking demand.

Essa Kazim, DP World's group chairman, put the revenue increase down to the strength and diversity of the global portfolio. The earnings figures show why that matters. Adjusted EBITDA fell 5.6% to $2.9 billion. Its margin dropped to 22.5% from 27%. Excluding Jebel Ali, adjusted EBITDA rose 9.7%.

Profit fell much harder. Profit for the period declined 39.1% to $585 million from $960 million a year earlier. EBIT was down 16.5% to $1.59 billion.

Investment has not stopped. DP World put $1.5 billion into its portfolio in the first half. It expects capital expenditure of about $3 billion for 2026. Planned projects include capacity expansions, terminal developments and logistics infrastructure in the UAE, UK, India, Saudi Arabia and the Democratic Republic of Congo.

In the UAE, the company plans two new terminals at Fujairah under a 50-year concession. DP World said the terminals extend the Jebel Ali ecosystem. That ties new capacity to an existing network rather than building in isolation.

Liquidity remains solid. DP World ended the period with $8.2 billion in total liquidity, comprising $5.5 billion in cash and $2.7 billion in undrawn committed borrowing facilities. Operating cash flow reached $2 billion. Pre-IFRS 16 leverage rose to 3.7 times from 3.4 times at the end of 2025, still under the company's 4-times financial policy limit.

DP World says its diversified portfolio positions it for longer-term growth. The half-year supports that position. A globally dispersed operator absorbed a regional shock, and the mix matters more as supply chains become more regionalized and diversified. Forbes Middle East ranks DP World first on its 10 Biggest Logistics Companies in MENA list.