DP World 1H 2014 Profit Soars

By George Backwell
Friday, August 29, 2014
Container gantry: Photo courtesy of DP World

Global marine terminal operator DP World releases strong financial results from its global portfolio of marine terminals for the six months to 30 June 2014, delivering profit attributable to owners of the Company before separately disclosed items of $332 million, 40.8% ahead of the first half of 2013 on a like-for-like basis.

Highlights

  • Revenue of $1,659 million; (1H2013 revenue of $1509 million)
  • Like-for-like revenue increased 11.6% driven predominately by containerised
  • revenue growth of 12.0% on a like-for-like basis
  • Containerised revenue per TEU (twenty-foot equivalent unit) grew 0.8% on a like-
  • for-like basis
  • Adjusted EBITDA of $778 million; adjusted EBITDA margin of 46.9%; (1H2013 adjusted EBITDA of $689 million; adjusted EBITDA margin 45.6%)
  • Adjusted EBITDA margin improved due to strong throughput growth at higher
  • margin locations coupled with cost control measures
  • Profit for the period attributable to owners of the Company of $332 million; (1H2013 attributable income of $264 million)

DP World Chairman, Sultan Ahmed Bin Sulayem commented:-
“DP World is pleased to announce another strong set of first half results. The addition of new capacity and a pick-up in global trade has resulted in a return to robust volume growth, which has translated into an impressive financial performance. Our portfolio is well positioned to capitalise on the significant medium to long-term growth potential of this industry and we continue to seek new opportunities in the faster growing markets.”

Group Chief Executive Mohammed Sharaf commented:-
“We h a v e reported an excellent set of financial results for the first six months of 2014, delivering 11.6% like-for-like revenue growth. Encouragingly, earnings continue to significantly outpace revenue growth with 19.1% EBITDA growth and 40.8% EPS growth on a like-for-like basis.

“The substantial investment programme that we initiated in 2012 is starting to bear fruit as new capacity aids in the delivery of stronger top and bottom line growth. We have made good progress at our recently opened greenfield projects in Embraport, Brazil and DP World London Gateway, UK and we look forward to adding a further 8 million TEU of capacity to our portfolio over the next two years, providing further opportunity for growth.

Crucially, 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.

“The near term outlook remains encouraging, however continued geopolitical issues may result in challenges as the year progresses. Overall, we believe our business is well positioned for medium to long-term growth and we expect to continue to outperform the market. We remain focused on delivering relevant new capacity in the right markets, improving efficiencies, containing costs and handling higher margin containers to drive profitability. Our strong first half performance gives us confidence in meeting full year market expectations”

Details at www.dpworld.com

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Ri'chard Joins Holland America Line as Director

Holland America Line has appointed Denella Ri’chard to the position of director, trade communication and engagement. In this newly created role she is responsible

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Maersk to Scrap Ships at India's Alang Beaches, NGO Dismayed

Maersk Line said on Friday it had chosen four shipbreaking yards along India's Alang beaches to handle an increase in vessels that need to be scrapped, to the dismay

Ports

Indiana Ports Sets Cargo Record in 2015

State's three ports handle 12 million tons for first time in 54-year history  INDIANAPOLIS (Feb. 11, 2016) - The Ports of Indiana handled over 12.2 million tons of cargo in 2015,

DP World Bolsters Investment in India

DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations.

Owner Fined for 'Dangerously Unsafe' Vessel

The owner of a harbor tanker has been fined £3,000 with more than £7,000 costs after pleading guilty to a charge of operating a vessel for being dangerously unsafe.

Finance

Brazil's CEEE to sell stakes in Wind Farms, Dams

Brazil's Companhia Estadual de Energia Elétrica (CEEE), a power utility controlled by the state of Rio Grande do Sul, will sell assets including stakes in wind farms,

DP World Bolsters Investment in India

DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations.

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Logistics

Hapag-Lloyd Enhances Conosur Service

Hapag-Lloyd has informed about its service enhancements on the Conosur Service (South America West Coast to South America East Coast). This is being upgraded by

Indiana Ports Sets Cargo Record in 2015

State's three ports handle 12 million tons for first time in 54-year history  INDIANAPOLIS (Feb. 11, 2016) - The Ports of Indiana handled over 12.2 million tons of cargo in 2015,

DP World Bolsters Investment in India

DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1106 sec (9 req/sec)