São Paulo – DP World’s operations in Brazil drove its results in the first half of this year, it said on Thursday (17). The Dubai-based port operator owns one of Brazil’s largest private seaports, DP World Santos, in the Port of Santos, São Paulo.
The company ascribed a drop in profit to consolidation of DP World Santos and deconsolidation of its Doraleh terminal in Djibouti. It also imputed a hike in revenues in Australia and the Americas – whose results it releases in tandem – to DP World Santos’ consolidation, among other factors.
DP World Santos, formerly Empresa Brasileira de Terminais Portuários (Embraport), had its name changed late last year after the Dubai-based conglomerate acquired 100% of the terminal’s capital. It formerly retained slightly over 30% in the operation, before purchasing the remainder from Odebrecht TransPort. Launched in 2013, the terminal and boasts an annual capacity of 1.2 million TEU.
DP World posted USD 2.6 billion in revenues in the first half of this year, up 14.4% from H1 2017, with revenue in Australia and the Americas reaching USD 431 million during H1 2018, up 18.7% year-on-year. Profit slid 8% to USD 629 million.
DP World handled 1.99 million TEU in Australia and the Americas, up 18.2% year-on-year. Besides the consolidation in Santos, the company said its buyout of Peru’s Cosmos Agência Marítima added to revenue results.
Revenue was also driven by increased volumes around the world and other buyouts, including two companies in the United Arab Emirates – Drydocks World LCC and Dubai Maritime City (DCM).
DP World invested USD 439 million in H1, with full-year plans at USD 1.4 billion, including the UAE, Ecuador, Somaliland and the United Kingdom.
“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,” chairman and CEO Sultan Ahmed Bin Sulayem said.
Translated by Gabriel Pomerancblum
