REG - DP World Limited DP World Salaam DP World Crescent Ld DP World Sukuk Ltd - DP WORLD REPORTS 2024 REVENUE AND EBITDA

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13/03/2025 08:15

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RNS Number : 5307A  DP World Limited  13 March 2025

DP WORLD REPORTS RECORD REVENUE OF $20.0 BILLION

AND EBITDA OF $5.5 BILLION

 

Dubai, United Arab Emirates, 13 March 2025: DP World Limited today announces
financial results for the year ended 31 December 2024. On a reported basis,
revenue grew by 9.7% to $20.0 billion and adjusted EBITDA³ rose by 6.7% to
$5.5 billion with an adjusted EBITDA margin of 27.2%.

 

 Results before separately disclosed items 1  (#_ftn1)                        2024    2023    % change  Like-for- like at constant currency % change 2  (#_ftn2)

 USD million unless otherwise stated

 Revenue                                                                      20,023  18,250  9.7%      6.9%
 Share of profit from equity-accounted investees (net of tax)                 155     164     (5.1%)    (1.3%)
 Adjusted EBITDA 3  (#_ftn3)                                                  5,450   5,108   6.7%      2.9%
 Adjusted EBITDA margin                                                       27.2%   28.0%   (0.8%)    27.2% 4  (#_ftn4)
 EBIT                                                                         3,357   3,046   10.2%     5.1%
 Profit for the year                                                          1,483   1,514   (2.0%)    (9.5%)
 Profit for the year attributable to owners of the Company before separately  751     1,032   (27.2%)   -
 disclosed items
 Profit for the year attributable to owners of the Company after separately   591     820     (27.9%)   -
 disclosed items

 

Results Highlights

Ø Revenue increased by 9.7% to a record $20.0 billion

§ Revenue growth of 9.7% was mainly due to improved performance from Ports
and terminals and contributions from new acquisitions and concessions.

§  Ports and terminals revenue per TEU increased 13.9% on a like-for-like
basis with strong growth from the Middle East and Americas.

 

Ø Adjusted EBITDA increased by 6.7% to a record $5.5 billion

§ Adjusted EBITDA grew by 6.7% and EBITDA margin for the year stood at 27.2%
as well as like-for-like adjusted EBITDA margin.

 

Ø Profit for the year was $1.5 billion

§ Profit for the year decreased by 2.0% mainly due to higher finance costs.

 

Ø DP World capacity exceeds 100 million TEU - continued investment in key
growth markets

§ DP World capacity exceeded 100 million TEU due to selective infrastructure
investment in key growth markets.

§ Capital expenditure of $2.2 billion ($2.1 billion in 2023) was invested
across the existing portfolio.

§ Capital expenditure budget for 2025 is approximately $2.5 billion to be
invested mainly in Jebel Ali (UAE), Drydocks World and Jebel Ali Freezone
(UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal) and Jeddah
(Saudi Arabia).

 

Ø DP World focused on driving revenue synergies and building long-term
relationships with cargo owners

§ Enhanced logistics portfolio offers value-added capabilities in
fast-growing markets and verticals.

§ DP World aims to deliver supply chain solutions to cargo owners by
leveraging its best-in-class infrastructure.

§ Group is well-positioned to capitalize on the growing demand for customised
solutions in the logistics industry.

 

Ø Strong cash generation and lower net Leverage

§ Cash generated from operating activities increased by 18.9% to $5.5 billion
in 2024 ($4.6 billion in 2023).

§ Leverage (Net debt to adjusted EBITDA) 5  (#_ftn5) on a pre-IFRS16 basis
decreased to 3.4x (FY2023: 3.7x). On a post-IFRS16 basis, net leverage stands
at 4.1x (FY2023: 4.0x).

 

Ø Committed to long-term sustainability transition

§ Issued a US$100 million blue bond, the first for a corporate from the
Central and Eastern Europe, Middle East and Africa (CEEMEA) region, alongside
the launch of our Ocean Strategy.

§ DP World became the first logistics company in the region to have its
targets validated by the Science Based Targets initiative, a significant step
towards decarbonising supply chains for our customers.

§ Against our 2022 base year, we exceeded our 10.5% Scope 1 and Scope 2
carbon emissions reduction target, and close to 65% of electricity sourced
globally today comes from renewable energy.

 

Strong 2024 performance, positioned for resilient growth despite uncertainty

§ Strong financial performance in 2024, but the outlook remains uncertain due
to geopolitical risks and changing global trade landscape.

§ Despite global uncertainties, DP World is well-positioned for long-term
growth, leveraging its integrated supply chain solutions and strategic
investments to drive sustainable value creation.

 

DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, commented:

We are proud to report record revenue of $20.0 billion and record EBITDA of
$5.5 billion for 2024, a remarkable achievement given the complex geopolitical
landscape. These results demonstrate the benefits of our strategic focus on
high-margin cargo, end-to-end integrated supply chain solutions and
disciplined cost optimization.

 

This strategy is positioning DP World for sustained long-term growth and value
creation. By enhancing efficiency, expanding our capabilities and deepening
partnerships, we are building a resilient business, well-equipped to
capitalise on new opportunities as global trade evolves.

 

We continue to strengthen our logistics platform, attracting more cargo owners
with end-to-end, tailored solutions that drive efficiency and improve the flow
of trade. The increased demand for our integrated offerings highlights the
value we bring to customers seeking optimized, high-performance supply chain
solutions.

 

Our asset-appropriate strategy, combined with critical infrastructure in key
markets, ensures that we scale efficiently while delivering specialized
capabilities where they are needed most. Strategic investments in high-growth
sectors and emerging trade corridors are expanding our expertise, enabling us
to provide value-added solutions. By enhancing connectivity and streamlining
supply chains, we are reinforcing DP World's role as a leading trade
enabler-helping cargo owners navigate complexity, go to market quicker and
build greater supply chain resilience.

 

In 2024, we delivered a strong performance, further reinforcing our financial
position by reducing net leverage and strengthening the balance sheet. While
the year has started on a positive note, global trade remains in flux due to
ongoing geopolitical challenges. We remain confident in the strength of our
portfolio, which we expect to continue delivering robust performance.

 

As part of our long-term strategy, we continue to invest in our portfolio
through targeted bolt-on acquisitions, expand into new locations and add
high-value capabilities that align with our clients' evolving needs. We
maintain a positive medium-term outlook, supported by strong industry
fundamentals and DP World's ability to deliver sustainable, long-term returns.

- END -

 

Investor Enquiries

Redwan Ahmed
                                       Amin Fikree

DP World Limited
                                      DP World Limited

Mobile: +971 50 554 1557
 
Mobile: +971 56 6811553

Direct:  +971 4 808 0842
 
Direct : +971 4 808 0923

Redwan.Ahmed@dpworld.com (mailto:Redwan.Ahmed@dpworld.com)
 
 Amin.Fikree@dpworld.com

 

 

 

 

 

 

 

 

13th March 2025, 12:00pm UAE (8:00am UK) - Conference Call

 

Ø The conference call for analysts and investors hosted by Yuvraj Narayan,
Group Deputy CEO & CFO and Board Member.

Ø A playback of the call will be available after the conference call
concludes. For the dial in details and playback details please contact
investor.relations@dpworld.com.

 

The presentation accompanying the conference call will be available on DP
World's website within the investor centre under Financial Results on
https://www.dpworld.com/investors/financials-presentations/reports
(https://www.dpworld.com/investors/financials-presentations/reports) from
approximately 9am UAE time.

 

 

 

Forward-Looking Statements

 

This document contains certain "forward-looking" statements reflecting, among
other things, current views on our markets, activities, and prospects. By
their nature, forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances that may or may not occur and
which may be beyond DP World's ability to control or predict (such as changing
political, economic or market circumstances). Actual outcomes and results may
differ materially from any outcomes or results expressed or implied by such
forward-looking statements. Any forward-looking statements made by or on
behalf of DP World speak only as of the date they are made and no
representation or warranty is given in relation to them, including as to their
completeness or accuracy or the basis on which they were prepared. Except to
the extent required by law, DP World does not undertake to update or revise
forward-looking statements to reflect any changes in DP World's expectations
with regard thereto or any changes in information, events, conditions or
circumstances on which any such statement is based.

 

Group Chairman and CEO statement

 

Resilient performance in challenging markets

In 2024, the global landscape was shaped by rising geopolitical tensions, with
the Red Sea crisis presenting a significant challenge to global supply chains.
While this disruption affected trade routes and logistics operations
worldwide, DP World remained resilient, navigating these complexities with
agility. We sustained strong performance throughout the year, delivering a
robust financial outcome. This resilience reflects the strength and diversity
of our global portfolio, underpinned by effective risk management and
operational excellence across all regions. Our ability to adapt, innovate, and
drive sustainable growth in a rapidly evolving market underscores our
commitment to long-term value creation and supply chain resilience

 

 

Strong performance in Ports & Terminals

DP World's gross container volumes grew by 7.0% 6  (#_ftn6) in 2024, exceeding
the industry growth rate of 6.4% as we continue to outperform the market due
to our focus on faster growing markets and strengthens our position as a
global trade leader. Despite some terminals facing challenges due to the Red
Sea crisis, our diversified portfolio and strategic investments have driven
strong growth. The Americas, Asia Pacific and Sub-Saharan Africa were key
growth drivers, while Jebel Ali (UAE) continued to deliver solid performance,
reinforcing its importance within our global network.

 

In 2024, we have expanded our global footprint, securing 30-year concessions
in Dar Es Salaam (Tanzania) and Belawan (Indonesia) to strengthen our presence
in high-growth markets. In Turkey, we have enhanced operational capabilities
by merging DP World Yarımca with the adjacent Evyapport, creating a unified
entity offering an expanded range of logistics solutions to better serve our
customers.

 

With these new additions and ongoing expansions across our portfolio, we have
now exceeded 100 million TEU in capacity-a major milestone that reflects our
commitment to investing in world-class infrastructure and driving global trade
efficiency.

 

Expanding Logistics Capabilities with New Verticals and Global Scale

Our Logistics division has significantly expanded our capabilities, offering
cargo owners a comprehensive suite of end-to-end solutions. Our strategic
investments have scaled our freight forwarding network to over 200 locations-,
covering nearly all major global trade routes and strengthening our ability to
serve a broader client base with seamless, integrated logistics solutions.

 

We have also expanded into new verticals, including Chemicals and Retail,
bringing our total number of focused verticals to eight, covering nearly 50%
of global GDP. These additions enhance our ability to provide specialized,
high-value logistics services that meet the evolving needs of cargo owners
across diverse industries.

 

Our market access business remains a key enabler, helping cargo owners tap
into high-growth consumer markets, particularly in regions that have
traditionally been more difficult to access.

 

As global trade becomes increasingly complex, DP World continues to lead in
optimizing supply chain efficiency and improving connectivity across emerging
trade corridors. With a clear focus on building scale, expanding vertical
expertise, and delivering tailored supply chain solutions, we are
well-positioned for sustained growth and long-term value creation.

 

Marine Services: Strengthening Connectivity and Strategic Customer
Relationships

Through our Unifeeder operations, we continue to provide efficient and
environmentally responsible transportation solutions, ensuring seamless
connectivity for global shipping lines and cargo owners.

 

The Red Sea disruptions and resulting congestion had some impact on our
operations in Europe, but this was more than offset by higher freight rates,
demonstrating the resilience and adaptability of our Marine Services business.

 

In recent years we have strategically expanded into new regions - including
Asia, the Indian Subcontinent, the Middle East, and Latin America- enhancing
our ability to serve cargo owners more effectively. These value-added feeder
services are deepening our strategic relationships with customers, creating
synergies that benefit the wider DP World business.

 

Our DryDocks business continues to perform strongly, supported by new
contracts and sustained demand for its specialized services. We remain
committed to investing in our key maritime hubs, ensuring we continue to
provide world-class solutions that support global trade.

 

Driving Decarbonisation and Sustainability

In 2024, we took bold steps to bring sustainability closer to our core
business and customer needs. We issued a US$100 million Blue Bond (designed to
fund sustainable projects in the maritime and water sectors), the first for a
corporate from the Central and Eastern Europe, Middle East and Africa (CEEMEA)
region, alongside the launch of our Ocean Strategy-a blueprint for
strengthening our commitment to ocean conservation and the blue economy. We
are dedicated to fostering biodiversity through sustainable practices and
protecting ecosystems while supporting the growth of international trade.

 

Further strengthening our climate leadership, we became the first logistics
company in the region to have our targets validated by the Science Based
Targets initiative-a significant step towards decarbonising supply chains for
our customers.

 

Against our 2022 base year, we exceeded our 10.5% Scope 1 and Scope 2 carbon
emissions reduction target, and close to 65% of electricity sourced globally
today comes from renewable energy.

 

Beyond our own organisation, we are committed to supporting communities by
addressing fundamental needs such as access to clean water, education, and
economic opportunities. Working together with our strategic partners, such as
WaterAid and Barefoot College International we are driving tangible impact.
Working with WaterAid, we have expanded sanitation and hygiene (WASH) projects
in Mozambique and Nigeria, reaching over 27,000 people and local port
communities.

 

Group Deputy CEO & CFO review

DP World delivered a strong financial performance in 2024, with adjusted
EBITDA increasing by 6.7% to $5.5 billion, reflecting a solid adjusted EBITDA
margin of 27.2%. This stability and resilience, despite a challenging
macroeconomic environment, underscores the strength of our diversified
portfolio and business model.

 

Revenue grew by 9.7% to $20.0 billion, supported by acquisitions and strong
underlying performance, particularly in our Ports and terminals business.
Like-for-like revenue growth was 6.9%, driven by strong contributions from the
Australia and Americas (+14.9%) and Asia Pacific and India (+11.1%).

 

Our financial strength was further reinforced by affirmed credit ratings of
BBB+ (Stable) by Fitch and Baa2 (Stable) by Moody's. Additionally, we
continued to strengthen our balance sheet, reducing net leverage to 3.4x Net
Debt to Adjusted EBITDA on a pre-IFRS16 basis, compared to 3.7x in 2023.

 

Segment Information

 

Asia Pacific and India

 Results before separately disclosed items                     2024    2023    % change  Like-for-like at constant currency % change

 USD million
 Consolidated throughput (TEU '000)                            13,097  10,826  21.0%     3.1%
 Revenue                                                       2,846   2,155   32.1%     11.1%
 Share of profit from equity-accounted investees (net of tax)  102     113     (9.7%)    (4.2%)
 Adjusted EBITDA                                               709     615     15.4%     (1.4%)
 Adjusted EBITDA margin                                        24.9%   28.5%   (3.6%)    25.8%⁴
 Net profit after tax (before SDI)                             360     280     28.6%     7.6%
 Capex                                                         371     188     (97.3%)   -

 

The Asia Pacific and India region achieved strong top-line growth, driven by a
combination of robust container volume expansion and portfolio additions.
While acquisitions contributed to reported EBITDA growth, like-for-like
performance remained stable.

 

Overall, revenue increased by 32.1% on a reported basis which resulted in
adjusted EBITDA of $709 million.

 

We invested $371 million in Asia Pacific and India, mainly focused on Belawan
(Indonesia), Logistics business in India and Pusan (South Korea).

 

Middle East, Europe, and Africa

 Results before separately disclosed items                     2024    2023    % change  Like-for-like at constant currency % change

 USD million
 Consolidated throughput (TEU '000)                            26,238  25,657  2.3%      1.0%
 Revenue                                                       13,922  13,225  5.3%      4.5%
 Share of profit from equity-accounted investees (net of tax)  45      38      16.1%     17.1%
 Adjusted EBITDA                                               4,207   4,064   3.5%      3.9%
 Adjusted EBITDA margin                                        30.2%   30.7%   (0.5%)    30.1%⁴
 Net profit after tax (before SDI)                             2,849   2,728   4.5%      5.3%
 Capex                                                         1,428   1,595   10.5%     -

 

The Middle East, Europe, and Africa region delivered a solid performance, led
by strong results in the UAE and Africa. However, disruptions in the Red Sea
led to a softer performance in Jeddah (Saudi Arabia) and Unifeeder (Europe).

 

Total reported revenue grew by 5.3% to $13.9 billion, supported by a solid
performance across key markets. Adjusted EBITDA increased by 3.5% to $4.2
billion, maintaining a healthy margin above 30%.

 

We invested $1.4 billion in the region, mainly in the UAE including Drydocks
World, Jeddah (Saudi Arabia) London Gateway Port (UK), Logistics Business in
Sub-Saharan Africa and Dar es Salaam (Tanzania).

 

Australia and Americas

 Results before separately disclosed items                     2024    2023    % change  Like-for-like at constant currency % change

 USD million
 Consolidated throughput (TEU '000)                            12,707  11,024  15.3%     15.3%
 Revenue                                                       3,255   2,870   13.4%     14.9%
 Share of profit from equity-accounted investees (net of tax)  9       13      (28.5%)   (33.0%)
 Adjusted EBITDA                                               1,141   938     21.7%     9.7%
 Adjusted EBITDA margin                                        35.1%   32.7%   2.4%      35.1%⁴
 Net profit after tax (before SDI)                             759     566     34.1%     11.7%
 Capex                                                         359     318     (12.9%)   -

 

The Australia and Americas region experienced strong growth, primarily driven
by robust container volumes in the Americas. Australia maintained a steady
performance throughout the year.

 

Total reported revenue grew by 13.4% to $3.3 billion, while adjusted EBITDA
increased by 21.7% to $1.1 billion. EBITDA margins remained above 35%.

 

We invested $359 million in capital expenditure in Australia and Americas,
mainly in Callao (Peru), Fraser Surrey Docks (Canada), Caucedo (Dominican
Republic) and DPW Santos (Brazil).

 

Service Capabilities

 

Ports & Terminals

 Results before separately disclosed items  2024   2023   % change  Like-for-like at constant currency % change

 USD million
 Revenue                                    7,725  6,399  20.7%     19.4%
 Adjusted EBITDA                            3,935  3,368  16.8%     12.3%
 Adjusted EBITDA margin                     50.9%  52.6%  (1.7%)    51.0%⁴

 

Ports and Terminals delivered a strong performance, supported by robust
volumes and a focus on high-margin cargo, which contributed to profitability.
Revenue per TEU increased by 10.1%, driving overall revenue growth.

 

Revenue grew by 20.7% to $7.7 billion, driving an increase in adjusted EBITDA.

 

We invested $1.2 billion in strategic locations including Jebel Ali (UAE),
Belawan (Indonesia), Jeddah (Saudi Arabia), London Gateway Port (UK), Callao
(Peru) and Fraser Surrey Docks (Canada).

 

Logistics, parks and economic zones

 Results before separately disclosed items  2024   2023   % change  Like-for-like at constant currency % change

 USD million
 Revenue                                    8,199  7,921  3.5%      (1.2%)
 Adjusted EBITDA                            1,162  1,408  (17.5%)   (20.8%)
 Adjusted EBITDA margin %                   14.2%  17.8%  (3.6%)    14.3%⁴

 

Logistics, parks and economic zones revenue remained stable, with strong
freight forwarding growth and acquisitions offsetting the impact of
geopolitical challenges and currency devaluation in Africa.

 

Adjusted EBITDA declined to $1.2 billion due to higher human capital
investment to drive growth and softer freight management market.

 

$652 million was invested in Logistics, parks and economic zones targeting
expansions in Sub-Saharan Africa, India, GCC and Europe.

 

Marine Services

 Results before separately disclosed items  2024   2023   % change  Like-for-like at constant currency % change

 USD million
 Revenue                                    4,099  3,930  4.3%      3.4%
 Adjusted EBITDA                            959    840    14.3%     14.2%
 Adjusted EBITDA margin %                   23.4%  21.4%  2.0%      23.4%⁴

 

Growth in Marine Services was driven by DryDocks World (UAE), which continued
to benefit from new contracts and strong market conditions. Unifeeder, which
operates feeder and short-sea services, had a mixed performance. Red Sea
disruptions caused congestion and lower volumes in Europe, while higher
freight rates helped drive better-than-expected income in the Indian
Subcontinent. Meanwhile, P&O Maritime Logistics remained stable.

 

Overall, revenue increased by 4.3% on a reported basis which resulted in
adjusted EBITDA of $959 million.

 

We invested $327 million in Marine Services mainly in P&O Maritime
Logistics and DryDocks World (UAE).

 

Cash Flow and Balance Sheet

 

Adjusted gross debt⁵ (excluding bank overdrafts and loans from
non-controlling shareholders) rose to $27.2 billion as of 31 December 2024
(2023: $23.7 billion), primarily due to increased lease and service concession
liabilities, which grew from $4.5 billion to $7.1 billion. Interest-bearing
debt stood at $19.3 billion, while cash and short-term investments increased
to $4.8 billion, resulting in a net debt of $22.4 billion ($15.3 billion on a
pre-IFRS 16 basis). Net leverage for 2024 improved to 3.4x (FY2023: 3.7x) on a
pre-IFRS 16 basis. On a post-IFRS16 basis, net leverage stands at 4.1x
(FY2023: 4.0x). Cash flow generated from operating activities remained strong
at $5.5 billion.

 5 includes 50% Hybrid bonds (USD 738 million) as per rating agencies
 methodology.

 

 

Capital expenditure

Consolidated capital expenditure in 2024 was $2.2 billion (FY2023: $2.1
billion), with maintenance capital expenditure of $345 million (FY2023: $279
million). Capital expenditure was split 53% Ports and terminals, 26%
Logistics, parks and economic zones, 15% Marine services and the remaining
balance between Digital and Corporate.   On a regional split, 64% for UAE,
Middle East, Africa and Europe, 16% for Australia and Americas, 17% for Asia
Pacific and India and the balance is for Corporate.

 

We expect the full-year 2025 capital expenditure to be up to $2.5 billion to
be invested mainly in Jebel Ali Port, Drydocks World and Jebel Ali Freezone
(UAE), Tuna Tekra (India), London Gateway (UK), Ndayane (Senegal), Jeddah
(Saudi Arabia) and DP World Logistics (Global).

 

Net finance costs before separately disclosed items

Net finance costs in 2024 were $1.4 billion compared to $1.1 billion in 2023.
Increase in net finance costs mainly due to higher corporate debt and increase
in interest expenses on lease and service concession liabilities.

 

Taxation

For 2024, DP World's income tax expense before separately disclosed items
increased to $490 million (2023: $404 million). DP World was subject to income
tax on its UAE operations for the year ended 31 December 2024. A 0% tax rate
applies in respect of certain income from Free Zone entities. The Group has
recognized an income tax expense of $43 million in relation to income taxable
at the UAE statutory rate of 9%.

 

In addition to the UAE income tax, DP World's total income tax expense
includes the tax payable on the profit earned by overseas subsidiaries
calculated in accordance with the taxation laws and regulations of the
countries in which they operate.

 

DP World operates in jurisdictions that have enacted the BEPS Pillar II
minimum global taxation rules. However, for most jurisdictions the application
of these do not impact the Group until 2025.

 

Profit attributable to non-controlling interests (minority interests)

Profit attributable to non-controlling interests (minority interest) before
separately disclosed items was $731 million in 2024 (2023: $481 million),
mainly due to change in profit mix coupled with increase in minority interests
in Jebel Ali (UAE).

 

 Sultan Ahmed Bin Sulayem                     Yuvraj Narayan

 Group Chairman and Chief Executive Officer   Group Deputy CEO & CFO

 

 

About DP World

 

Trade is the lifeblood of the global economy, creating opportunities and
improving the quality of life for people around the world. DP World exists to
make the world's trade flow better, changing what's possible for the customers
and communities we serve globally.

 

With a dedicated, diverse and professional team of more than 115,000 employees
from 166 nationalities, spanning 79 countries on six continents, DP World is
pushing trade further and faster towards a seamless supply chain that's fit
for the future.

 

We're rapidly transforming and integrating our businesses -- Ports and
Terminals, Marine Services, Logistics and Technology - and uniting our global
infrastructure with local expertise to create stronger, more efficient
end-to-end supply chain solutions that can change the way the world trades.

 

What's more, we're reshaping the future by investing in innovation. From
intelligent delivery systems to automated warehouse stacking, we're at the
cutting edge of disruptive technology, pushing the sector towards better ways
to trade, minimising disruptions from the factory floor to the customer's
door.

 

WE MAKE TRADE FLOW

TO CHANGE WHAT'S POSSIBLE FOR EVERYONE.

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 1  (#_ftnref1) Results before separately disclosed items (BSDI) primarily
excludes non-recurring items. DP World reported separately disclosed items of
a $176 million loss for the year.

 2  (#_ftnref2) Like-for-like at constant currency is normalised for the new
acquisitions and concessions at Belawan (Indonesia), Dar es Salaam (Tanzania),
Evyap (Turkey), Sabah (Malaysia), Dubai Fruits and Vegetables, Dubai Auto
Market (UAE) and other Logistics business mainly Cargo Services Group and
Legends.

 3  (#_ftnref3) Adjusted EBITDA is Earnings before Interest, Tax, Depreciation
& Amortisation and including share of profit from equity-accounted
investees (net of tax) before separately disclosed items.

 4  (#_ftnref4) Like-for-like adjusted EBITDA margin.

 5  (#_ftnref5) includes 50% Hybrid bonds (USD 738 million) as per rating
agencies methodology.

 6  (#_ftnref6) On a like-for-like basis

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