DP World H1 results buoyant following pick-up in global trade

DP World reported revenue growth of 9.6% and like-for-like earnings growth of 15.8% in H1 2017 as the bounce in global trade volume growth in the first half of the year provided momentum.

Like-for-like container throughput in gross terms (throughput from all consolidated terminals plus equity-accounted investees) increased by 7.7%, while on a consolidated basis (throughput from all terminals where the group has control as per IFRS), TEU growth was 4.7%.

By region, DP World stated that market conditions in the Middle East, Europe and Africa region improved as UAE volumes recovered and London Gateway won the regular Asia-Europe service from THE alliance. Volumes in the UAE were up by 4.3%, while the division as a whole reported like-for-like throughput growth of 4.2%.

In Asia Pacific and Indian Subcontinent, like-for-like growth was 2.9%, while in Australia and Americas, like-for-like growth was 13.5%, mainly thanks to stronger volumes in the Americas.

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented: “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.

Source: DP World