DP World (LSE:91SN) reported revenue of $12.7 billion for the six months ended 30 June, up 13.1% year-on-year, even as disruption to Middle East trade flows dragged adjusted EBITDA down 5.6% to $2.9 billion.
The Dubai-based ports and logistics operator said growth across its Logistics, Marine Services and international Ports and Terminals divisions offset weakness tied to Jebel Ali Port, its flagship UAE hub.
Excluding Jebel Ali, gross container volumes rose 6.5% on a like-for-like basis, revenue increased 18.5%, and adjusted EBITDA grew 9.7%, with Africa, Asia Pacific, Europe and the Americas all contributing.
Jebel Ali's infrastructure remains fully operational with no physical damage, though the conflict has temporarily reduced vessel traffic; the group has expanded inland connectivity to keep critical cargo moving.
Cash generated from operations held at $2.0 billion, with total liquidity of $8.2 billion including $5.5 billion in cash and $2.7 billion of undrawn facilities, aided by roughly $700 million from asset monetisation in the UK and minority stake sales.
Leverage on a pre-IFRS 16 basis rose to 3.7x from 3.4x at the 2025 year-end, still within the group's policy ceiling of 4.0x.
Capital expenditure reached $1.5 billion in the period, with full-year spend expected near $3.0 billion, directed toward the UAE, UK, Democratic Republic of Congo, India and Saudi Arabia.
DP World also announced plans for two new terminals in Fujairah under a 50-year concession, extending the Jebel Ali ecosystem.
"Revenue increased 13.1% to $12.7 billion, reflecting the strength and diversity of our global portfolio," said Group Chairman Essa Kazim.
News Intelligence what this means for the company
DP World posted 13.1% revenue growth to $12.7 billion in H1, but adjusted EBITDA fell 5.6% to $2.9 billion as Middle East conflict disrupted vessel traffic into its flagship Jebel Ali Port. The divergence is stark: excluding Jebel Ali, the rest of the business grew revenue 18.5% and EBITDA 9.7%, showing the disruption is acute and localized rather than systemic.
The headline growth masks a material headwind: Jebel Ali's traffic loss is severe enough to drag group EBITDA down despite strong performance elsewhere. Leverage rose to 3.7x (within policy), and liquidity remains solid at $8.2 billion, but the conflict's duration and impact on the UAE's core hub remain the key variable. Expansion into Fujairah and capex of ~$3 billion for the year signal confidence in long-term positioning, yet near-term earnings visibility is clouded by geopolitical risk.
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