DP World posts strong first half results

DP World

DP World Group reported a 21.9 per cent growth in adjusted earnings before interest, taxes, depreciation and amortisation to $1.611 billion as its attributable earnings surged 26.8 per cent to $753 million in the first half of 2019.

The company said its half year revenue grew 31.9 per cent to $3.463 billion on reported and 10.8 per cent on a like-for-like basis, supported by acquisitions and growth in non-containerized revenue and driven by growth in non-container revenue.

Sultan Ahmed Bin Sulayem, chairman and CEO, said that DP World’s “excellent performance against the backdrop of challenging global economic conditions” is a testament to the company’s resilience, sound growth strategy and the diversification of its global investment portfolio across energy, maritime and sustainable mobility.

“Our half-year financial results have been in line with our expectations,” Sulayem said. “DP World continues to be guided by deep market understanding, innovation and operational excellence across 45 countries worldwide. Despite uncertainty from the trade war and challenging regional geopolitical realities, DP World has been able to deliver and excel a broadly impressive performance in the first half of 2019.”

The company said Ebitda margin declined due to a change in the mix with the consolidation of lower margin logistics and maritime services businesses. Profit attributable to owners of the company before separately disclosed items rose 26.8 per cent on a reported basis and grew 22.2 per cent on a like-for-like basis.

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