DP World reports strong H1 results

DP World has announced its H1 2015 results, with revenues of $1.9bn representing an increase of 14.5% year on year. The company also recorded ‘adjusted’ EBITDA of $924m, an increase of 18.8% compared with H1 2014. Consequently, DP World’s adjusted EBITDA margin stood at 48.63%.

Like-for-like revenues were up by 7.6%, driven mainly by containerised revenue growth of 5.7% and non-containerised revenue growth of 14.7% (both also on a like-for-like basis). ‘Consolidated’ container throughput (in TEUs) for the first half of the year rose by 3.5%.

Overall revenue growth of 14.5% was supported by the acquisition of Economic Zone World (EZW) in addition to the company’s organic growth. The increase in EDITDA was attributed to stronger throughput growth at higher margin locations and consolidation at EZW.

Group Chief Executive Mohammed Sharaf said, “We report solid first half financials with 14.5% revenue growth and 18.8% EBITDA growth. Encouragingly, like-for-like revenue growth continues to outpace throughput growth which demonstrates the pricing power within the portfolio.”