DP World reports 13.3 per cent growth in profit

A rebound in global trade saw revenues and profits rise in the first six month

Dubai: Dubai-based ports operator DP World grew its revenue by 9.6 per cent in the first six months of 2017, the company announced on Thursday.

DP World’s profit increased by 13.3 per cent, whilst its earnings before interest, tax, depreciation and amortization (EBITDA) increased by 4.2 per cent in the first six months of the year compared to the same period in 2016.

This delivered a profit attributable to the owners of the company of $606 million.

Compared to the first six months of last year, revenue grew by 3 per cent and adjusted EBITDA increased by 7 per cent, with attributable earnings up by 15.8 per cent, reflecting what the company describe as an “improved trading environment.”

The company also said it had seen a rebound in global trade and market share gains, from “new shipping alliances driving volumes in the second quarter of the year.”

DP World added in its earnings report that it was had seen good performances across all three of its operating regions, and was well placed to meet full year 2017 market expectations.

DP World Group Chairman and CEO, Sultan Ahmad Bin Sulayem, said in a statement: “DP World is pleased to announce a solid set of first half results with attributable earnings of $606 million, and like-for-like earnings growth of 15.8%. Adjusted EBITDA reached $1,225 million as margins were maintained at above 50%. Encouragingly, after a challenging period, we have seen a pick-up in global trade particularly in the second quarter of the year, and that combined with the ramp up in our recent investments in Yarimca (Turkey), London Gateway (UK), Rotterdam (Netherlands) and JNP Mumbai (India), has delivered ahead-of-market volume growth.”

“Our balance sheet remains strong and we continue to generate high levels of cashflow, which gives us the ability to invest in the future growth of our current portfolio, and the flexibility to make new investments should the right opportunities arise as well as delivering enhanced returns to shareholders over the medium term,” he added.

“Looking ahead to the second half of the year, we expect higher levels of throughput to be maintained. Overall, the steady financial performance of the first six months leaves us confident in meeting full-year market expectations,” said Sulayem.

Source: gulfnews.com, 24 August 2017

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