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DP World Release Half Year Results
Sea Freight

DP World Release Half Year Results

Port operating giant comes out strong after telling results

TLME News Service

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem credited the company’s strategy of developing innovative new products and services and prudent management for DP World’s impressive half-year results.

Bin Sulayem added that DP World’s excellent performance against the backdrop of challenging global economic conditions is a testament to the company’s resilience, sound growth strategy and the diversification of its global investment portfolio across energy, maritime and sustainable mobility amongst others.

The statement was made as global trade enabler DP World PLC announced strong financial results today for the six months ending 30 June 2019 with reported adjusted EBITDA and attributable earnings growth of 21.9% and 26.8% respectively.

“Our half-year financial results have been in line with our expectations, Mr Bin Sulayem said.

He highlighted that DP World continues to be guided by deep market understanding, innovation and operational excellence across 45 countries worldwide.

Despite uncertainty from the trade war and challenging regional geopolitical realities, DP World has been able to deliver and excel a broadly impressive performance in the first half of 2019.

Results Highlights

  • Revenue growth of 31.9% supported by acquisitions and growth in non-containerized revenue.
  • Like-for-like revenue increased by 10.8% driven by growth in non-container revenue.

Adjusted EBITDA of $1,611 million and adjusted EBITDA margin of 46.5%

  • Adjusted EBITDA grew 21.9%, and EBITDA margin for the half-year stood at 46.5%. Like-for-like adjusted EBITDA increased by 9.9% with a margin of 51.4%.
  • EBITDA margin declined due to a change in the mix with the consolidation of lower margin Logistics and Maritime services businesses

Profit for the period attributable to owners of the Company increased by 26.8% to $753 million

  • Profit attributable to owners of the Company before separately disclosed items rose 26.8% on a reported basis and grew 22.2% on a like-for-like basis.

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, added: “We have continued to make progress on our strategy to become a trade enabler and solutions provider as we look to participate across a wider part of the supply chain.

“We have invested significantly across our Ports, Logistics & Maritime Services businesses.

“The aim is to connect directly with customers to offer logistics solutions and remove inefficiencies in the supply chain to accelerate trade.

“We are seeing positive signs of progress in our new businesses that give us encouragement for the future.”

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