DP World Profits Up Significantly in H1 2013

MarineLink.com
Monday, September 02, 2013

DP World Ltd. announces 26% increase in like-for-like profit for the six months ended 30, June 2013.

  • Highlights:

  • Strong adjusted EBITDA growth resulted in a 26% increase in like-for-like profit attributable to owners of the Company before separately disclosed items
  • Like-for-like revenue increased 2.4% driven by a 6.2% increase in containe revenue per TEU
  • Like-for-like non-container revenue increased 3.4%
  • Adjusted EBITDA of $689 million; adjusted EBITDA margin of 45.6%
  • A focus on higher margin business coupled with continued cost control improved adjusted EBITDA margin
  • Profit for the period attributable to owners of the Company of $264 million
  • Realised $158 million profit from monetisation of assets during the year which helped drive profit attributable to owners of the Company after separately disclosed items of $398 million
  • Net cash from operating activities increased to $548 million
  • Leverage (Net Debt to adjusted annualised EBITDA) reduced to 1.7 times

Group Chief Executive Mohammed Sharaf commented:-
“Despite tough market conditions, we have reported an excellent set of financial results for the first six months of 2013. We believe 9.5% like-for-like EBITDA growth, 26% like-for-like EPS growth and a 47.1% like-for-like adjusted EBITDA margin is pleasing given some of the headwinds that we have faced."

Outlook
 “The outlook remains uncertain and market conditions in some regions are undoubtedly challenging. We continue to focus on delivering efficiencies, containing costs and handling higher margin containers to drive profitability and, in light of improving momentum seen through the first half, remain confident of meeting full year expectations."

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

Ports

Hapag-Lloyd Adds Halmstad to Rotation

As one of the top global carriers Hapag-Lloyd offers a comprehensive service network and will add port of Halmstad, Sweden to the Nordic Short Sea Network. As

BBC Chartering Opens Vietnam Office

BBC Chartering announces the opening of a new representative office in Ho Chi Minh City, Vietnam, starting August 1st breakbulk, and general cargo transportation

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

Finance

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

Logistics

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority 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: 0.1323 sec (8 req/sec)