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2024. Key factors contributing to this success included higher shipping volumes, improved oil and
chemical transportation rates, and enhanced cost efficiencies.

In the second quarter (Q2) of 2024, Bahri’s net profit soared by 48% year-over-year to $195 million,
with revenues increasing by 15% to $722 million. The company’s EBITDA margin also expanded,
reaching 48% in H1 2024, up from 44% in the same period last year. This was mainly due to the
strong performance of Bahri’s chemicals business, which saw a 24% increase in revenue.

The company’s strategic initiatives included expanding its fleet with the addition of two Very Large
Crude Carriers (VLCCs), one multipurpose vessel, and six chemical tankers on long-term leases.
Bahri also continued to invest in modernisation and fleet expansion, with capital expenditures of
$410 million in H1 2024, reflecting a 12% increase from the previous year.

DP World

Despite facing significant macroeconomic and geopolitical challenges, DP World reported resilient
financial results for the first half of 2024. The company achieved a 3.3% increase in revenue,
reaching $9.3 billion, driven primarily by growth in its Ports and Terminals division. However,
adjusted EBITDA decreased by 4.3% to $2.5 billion, and the EBITDA margin declined to 26.8% from
28.9% in H1 2023. This decrease was mainly due to disruptions in the Red Sea region and ongoing
investments in expanding DP World’s logistics platform.

DP World maintained strong cash generation, with $2.1 billion generated from operating activities,
and continued to invest strategically in key growth markets. Capital expenditure for H1 2024
totalled $994 million, focusing on Ports and Terminals, Logistics, Parks, and Marine Services.
Despite current global uncertainties, the company remains committed to its long-term growth
strategy, aiming to enhance its global trade coverage and improve logistics capabilities.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, expressed confidence in the
company’s ability to deliver improved performance in the second half of the year, which was
supported by strong financials and ongoing investments.

Etihad Cargo

Etihad Cargo reported a strong performance in the first half of 2024, with a 17% increase in tonnage
compared to the same period in 2023. This growth was driven by strategic expansion and
innovation, particularly in the Eastern and Western regions, which saw tonnage increases of 19%
and 20%, respectively. In the UAE, tonnage grew by 15%.
The carrier’s special products contributed significantly to this success, with the PharmaLife
product line seeing a 9% increase in tonnage, and the SecureTech product, which was launched in
early 2024, achieving a 95% increase in revenue. These gains were supported by enhancements
such as the introduction of specialised equipment for handling sensitive cargo.

Etihad Cargo also expanded its e-commerce capabilities, implementing dedicated charters and
extending contracts to handle larger volumes efficiently. New passenger and freighter routes were
introduced, boosting global capacity, particularly between China, Southeast Asia, North America,
and Europe. This strategic expansion reinforced Abu Dhabi’s position as a logistics hub.

https://www.logisticsmiddleeast.com/business/bottom-line-rounding-up-the-h1-financial-results-
from-middle-east-logistics-giants?trk=public_post-text