São Paulo – DP World, port operator based in Dubai, United Arab Emirates, announced this Thursday (27th) that it posted a net profit of US$ 405 million in the first semester, an increase of 21.9% over the same period of last year.
Revenues reached US$ 1.9 billion, an increase of 14.5% over the first six months of 2014. According a statement by the group, revenues and profit were driven by acquisition of the infrastructure company Economic Zones World (EZW).
EZW, also from Dubai, manages industrial and logistics complexes such as the Jebel Ali Free Zone, venture next to the port of same name operated by DP World.
The company’s adjusted Ebitda was of US$ 924 million in the first six months of 2015, an increase of 18.7% over the same period of last year. The Ebitda adjusted margin went from 46.9% to 48.6% in the same comparison.
Ebitda is earnings before interest, taxes, depreciation and amortization. The indicator is important because it allows verifying how much the company generates in its operational activities, leaving out financial and tax impacts.
The increase in the Ebitda margin, according to DP World, occurred due to growth of cargo handling in places where gain margins were higher, and due to the consolidation of EZW.
DP World and EZW were originally “sister” companies, that is, controlled by the same parent company, Dubai World. During the 2008 financial crisis, Dubai World ran into problems, declared moratorium on its debts and started a long restructuring process. In this process, the profitable DP World was practically separated from the group controlled by the Emirate of Dubai, and recently it incorporated EZW.
“This financial performance has been achieved despite uncertain market conditions, which once again demonstrates the well diversified and resilient nature of our portfolio”, said DP World’s president, Sultan Ahmed Bin Sulayem, in a company’s statement. The company operates maritime terminals throughout the world, including in the port of Santos, São Paulo state.
“In 2015, we have invested over US$ 3.5 billion in acquisitions and expansionary capex, and this investment leaves us well placed to capitalize on the significant medium to long-term growth potential of this industry”, added the executive.
Iran
According to information from news agency Reuters, Sulayem also said that the company is planning to enter the Iran market. The decision to invest in facilities on the Caspian Sea will depends on the demand.
“With our ports in the Gulf, we need to go into Iran”, he said, according to Reuters. The expectations are for the economic sanctions imposed to the Persian country to be lifted now that the Iranian government signed an agreement with world powers on its nuclear program.
*Translated by Sérgio Kakitani
