Global trade enabler DP World today announced solid financial results for the six months to 30th June, 2017. On a reported basis, revenue grew 9.6 percent and adjusted EBITDA increased by 4.2 percent. Adjusted EBITDA margin was 53.4 percent, delivering profit attributable to owners of the company, before separately disclosed items, of US$606 million and EPS of 73.0 US cents. On a like-for-like basis, revenue grew 3.0 percent and adjusted EBITDA increased by 7.0 percent, adjusted EBITDA margin of 54.8 percent, attributable earnings up by 15.8 percent, reflecting the improved trading environment.

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 percent. Adjusted EBITDA reached $1,225 million as margins were maintained at above 50 percent. 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.

"In the first half of 2017, we have invested $595 million of capex in key growth markets, and announced over $170 million of acquisitions in our maritime business, which offers significant growth opportunities. These investments leave us well placed to deliver on our strategy to strengthen our port related services and capitalise on the significant medium to long-term growth potential of this industry.

"Our balance sheet remains strong and we continue to generate high levels of cash-flow, 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.

"Looking ahead to the second half of the year, we expect higher levels of throughput to be maintained. Overall, the steady financial performance of the first six months leaves us confident in meeting full-year market expectations."

Source: WAM