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 Today


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

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

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Ports

Long Beach Port Maintains Strong Bond Rating

Fitch Ratings, one of the top three U.S. credit analysis agencies, has affirmed the Port of Long Beach’s “AA” rating on its outstanding debt. Fitch stated the AA rating — its highest for U.

Portugal PM Warns Lisbon Dock Workers to End Strike

Portugal's prime minister warned Lisbon dock workers on Friday that his patience was running out after a strike that has lasted a month, paralysing the city's ports.

Gender Identity Spat Sinks Spending Bill

The rancorous political debate over sexual identity unexpectedly prompted the Republican-controlled House of Representatives to rejected an energy and water spending

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Logistics

Greek Shipping – Still Number One!

Despite the many domestic and market challenges facing the Hellenic ship owning community, Greece has continued to strengthen its position as the largest ship owning nation in recent years,

A Year is a Long Time in Tankers

The latest Gibson Market Report focused on the age profile of the VLCC fleet and the prospects for trading life beyond 15 years of age.    Analysis of the Suezmax fleet shows a similar picture,

Deployment: The Transpacific Trade Steps Up To The Plate

In 2015, it was the Asia-Europe route which was the focus of changing deployment trends, says Clarksons Research.   This year, it is the Transpacific trade which

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics 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: 0.0918 sec (11 req/sec)