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DP World H1 2017 revenues grow 9.6%

DP World H1 2017 revenues grow 9.6%

DUBAI: DP World announced solid financial results for the six months to June 30, 2017, with revenue growing 9.6 per cent and adjusted EBITDA increasing by 4.2 per cent. The company’s revenues stood at $2,295 million, a growth of 9.6 per cent supported by the strong volume growth across all three DP World regions. Like-for-like revenue increased by three per cent driven by a 4.2 per cent increase in total containerised revenue. Cash from operating activities amounted to $1,009 million up from $905 million in the first half of 2016. Capital expenditures of $595 million were invested across the portfolio during the first half of the year. Capital expenditure guidance for 2017 remains unchanged at $1.2 billion with investments planned into Jebel Ali (UAE), London Gateway (UK), Prince Rupert (Canada) and Berbera (Somaliland). DP World was recently upgraded by Fitch Ratings to BBB+ from BBB with stable outlook, after both Fitch and Moody’s upgraded the rating by one notch last year.

DP World group chairman and CEO, Sultan Ahmed bin Sulayem, said: “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 per cent. Adjusted EBITDA reached $1,225 million as margins were maintained at above 50 per cent. 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.” “In the first half of 2017, we have invested $595 million of capex in key growth markets, and announced over $170 million of acquisitions in our maritime business, which offers significant growth opportunities. These investments leave us well placed to deliver on our strategy to strengthen our port related services and capitalize on the significant medium to long-term growth potential of this industry. 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,” he added.