DP World posts 31.9% revenue growth till June 30
August 26, 2019: DP World Group has posted impressive results for the six months ending June 30, 2019 with reported adjusted EBITDA and attributable earnings growth of 21.9 percent and 26.8 percent respectively.
August 26, 2019: DP World Group has posted impressive results for the six months ending June 30, 2019 with reported adjusted EBITDA and attributable earnings growth of 21.9 percent and 26.8 percent respectively.
“Our half-year financial results have been in line with our expectations," said Sultan Ahmed Bin Sulayem, chairman and CEO, DP World Group. He credited the performance to the company’s strategy of developing innovative new products and services, and its management.
DP World reported a revenue of $3,463 million (revenue growth of 31.9 percent on reported and 10.8 percent on a like-for-like basis). Revenue growth of 31.9 percent was supported by acquisitions and growth in non-containerised revenue.
Results before separately disclosed items[1] unless otherwise stated | 1H2019 | 1H2018 | As reported % change | Like-for-like at constant currency % change[2] |
USD million | ||||
Gross throughput[3](TEU ‘000) | 35,811 | 35,620 | 0.5% | 0.5% |
Consolidated throughput[4](TEU ‘000) | 19,495 | 18,576 | 4.9% | (1.7%) |
Revenue | 3,463 | 2,626 | 31.9% | 10.8% |
Share of profit from equity-accounted investees | 86 | 88 | (1.6%) | (3.3%) |
Adjusted EBITDA[5] | 1,611 | 1,322 | 21.9% | 9.9% |
Adjusted EBITDA margin[6] | 46.5% | 50.3% | - | 51.4%[7] |
Profit for the period | 753 | 629 | 19.9% | 19.0% |
Profit for the period attributable to owners of the Company | 753 | 593 | 26.8% | 22.2% |
Profit for the period attributable to owners of the Company after separately disclosed items | 681 | 642 | 6.1% | - |
Basic earnings per share attributable to owners of the Company (US cents) | 90.7 | 71.5 | 26.8% | 22.2% |
Basic earnings per share attributable to owners of the Company after separately disclosed items (US cents) | 82.1 | 77.3 | 6.1% | - |
"DP World is pleased to report like-for-like earnings growth of 22 percent 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," said Bin Sulayem.
Adjusted EBITDA grew 21.9 percent, and EBITDA margin for the half-year stood at 46.5 percent. Like-for-like adjusted EBITDA increased by 9.9 percent with a margin of 51.4 percent.
“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," added Bin Sulayem.
The results, however, mentioned that the near-term trade outlook remains uncertain with global trade disputes and regional geopolitics causing uncertainty to the container market.