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DP World declares strong H1 2018 financial results

Global trade enabler DP World announced robust financial results for the six months to 30 June 2018.

On a reported basis, revenue grew 14.4% and adjusted EBITDA increased by 7.9%. Adjusted EBITDA margin was 50.3%, delivering profit attributable to owners of the company, before separately disclosed items, of $593mn and EPS of 71.5 US cents. On a like-for-like basis, revenue grew 3.0% and adjusted EBITDA increased by 4.2% with adjusted EBITDA margin of 54.4%, and attributable earnings to owners of the company increased up by 5.2%, reflecting the stable trading environment.

Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said: “DP World is pleased to report like-for-like earnings growth of 5.2% in the first half of 2018 and attributable earnings of $593mn. Adjusted EBITDA grew 7.9% to $1.322bn with margins at 50.3% on a reported basis and 54.4% on a like-for-like basis. This robust performance has been delivered in an uncertain trade environment, once again highlighting our operational excellence and the resilience of our portfolio.

“We have made good progress in delivering our strategy of strengthening our portfolio of complementary and port related business with approximately $1.4bn worth of acquisitions announced recently. These acquisitions offer strong growth opportunities and enhance DP World’s presence in the global supply chain as we continue to diversify our revenue base and look at opportunities to connect directly with the owners of cargo and aggregators of demand.

“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. Going forward, we aim to integrate our new acquisitions and we continue to extend our core business into port-related, maritime, transportation and logistics sectors with the objective of removing inefficiencies in global trade, improving the quality of our earnings and driving returns.

“The near-term trade outlook remains uncertain with recent changes in trade policies and geopolitical headwinds in some regions continuing to pose uncertainty to the container market. However, the robust financial performance of the first six months also leaves us well placed for 2018 and we expect to see increased contributions from our recent investments in the second half of the year.”

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