DP World earnings up in H1

Dubai-based multinational company saw its attributable earnings grow by 27% in H1 2019, to USD 753 million.

From the Newsroom

São Paulo – The multinational company DP World announced this Thursday (22) its H1 financial results, up 26.8% in attributable earnings and 21.9% in earnings before interest, taxes, depreciation, and amortization (EBTIDA).

“DP World is pleased to report like-for-like earnings growth of 22% in the first half of 2019 and attributable earnings of USD 753 million. This strong financial performance has been delivered in an uncertain trade environment, once again highlighting the strength of our portfolio,” said DP World Group Chairman e CEO Ahmed Bin Sulayem in the company’s release.

Bin Sulayem credited the company’s strategy of developing innovative new products and services and prudent management for the strong results. Bin Sulayem added that DP World’s 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.

The company’s ports and terminals investments include two new assets in Chile, Canada and consolidation of assets in Australia. Logistics and maritime investment include acquisition of pan-European logistics platform of P&O Ferries and marine logistics operator, Topaz Marine & Energy.

Capital expenditure guidance for 2019 remains unchanged at up to USD 1.4 billion with investments planned into UAE, Posorja (Ecuador), Berbera (Somaliland), Sokhna (Egypt) and London Gateway (UK). Posorja, the only deep-water port in Ecuador with a capacity of 750,000 TEU opened on time and budget.

“Our half-year financial results have been in line with our expectations,” Bin Sulayem said. “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. Going forward, we aim to integrate our new acquisitions and deliver synergies with the objective of providing smart end-to-end solutions, which will improve the quality of our earnings and drive returns,” he reported.

The CEO added that, while the near-term trade outlook remains uncertain with global trade disputes and regional geopolitics causing uncertainty to the container market, the strong financial performance of the first six months also leaves DP World well placed to deliver full-year results slightly ahead of market expectations.

DP World has operations all over the world, including some South American countries such as Brazil, where it owns a terminal at the Port of Santos (DP World Santos) and Peru (pictured above).

Translated by Guilherme Miranda

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