DUBAI, UAE: Global trade enabler DP World PLC announced strong financial results for the six months to 30 June 2019 with reported adjusted EBITDA and attributable earnings growth of 21.9% and 26.8% respectively.
DP World posted revenue of $3.463 billion, a growth of 31.9% supported by acquisitions and growth in non-containerized revenue.
Adjusted EBITDA grew 21.9% to $1.611 billion and adjusted EBITDA margin of 46.5% was recorded for the half-year. EBITDA margin declined due to a change in mix with the consolidation of lower margin Logistics and Maritime services businesses.
Profit for the period attributable to owners of the Company increased by 26.8% to $753 million.
DP World credit rating was kept at BBB+ by Fitch with a stable outlook citing the resilient and diversified nature of the portfolio.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented: “DP World is pleased to report like-for-like earnings growth of 22% in the first half of 2019 and attributable earnings of $753 million. This strong financial performance has been delivered in an uncertain trade environment, once again highlighting the strength of our portfolio.
We have continued to make progress on our strategy to become a trade enabler and solutions provider as we look to participate across a wider part of the supply chain. We have invested significantly across our Ports, Logistics & Maritime Services businesses. The aim is to connect directly with customers to offer logistics solutions and remove inefficiencies in the supply chain to accelerate trade. We are seeing positive signs of progress in our new businesses that give us encouragement for the future.
“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.
“Whilst 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 us well placed to deliver full-year results slightly ahead of market expectations.”
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