Media ININ Economy We Trust
Dubai 22-08-2019 / WAM /
DP World has reported a 22% year-on-year profit growth based on a similar comparison in the first half of 2019 and an outstanding profit of USD 753 million.The company achieved strong financial results during the first six months of the year ended 30 June 2019. Adjusted EBITDA grew by 21.9 per cent and Dividend yield increased by 26.8 per cent.
The Chairman and CEO of DP World Group stressed that the company’s strategy in developing new and innovative products and services and management wisdom were among the factors that contributed to achieving outstanding financial results during the first six months of this year. In light of the difficult economic conditions in the world, it is a clear demonstration of the company’s flexibility and strategy to achieve growth and diversify its global investment portfolio to include energy, marine services, sustainability in transport and other activities.
He said the half-year financial results were in line with the company’s expectations.
DP World operates through an in-depth understanding of markets, innovation and operational excellence in 45 countries around the world. Despite the uncertainty created by the trade war and difficult regional geopolitical challenges, DP World managed to perform remarkably well in the first half of 2019.
Revenue was US $ 3,463 million / Revenue increased by 31.9% on an advertised basis and 10.8% based on the same-quarter growth ratio / The Group achieved revenue growth of 31.9% supported by acquisitions and growth in non-container revenue. By 10.8 percent, thanks to non-container revenue growth.
Adjusted EBITDA was estimated at US $ 1,611 million and adjusted EBITDA margin of 46.5 per cent. Adjusted EBITDA grew by 21.9 per cent. Adjusted EBITDA margin was For the first half of the year 46.5 percent.
Adjusted EBITDA grew by 9.9 percent on a 51.4 percent margin, and EBITDA margin declined due to a change in business group with the consolidation of lower margin logistics and marine services.
Profit for the period attributable to owners of the company increased by 26.8 percent to US $ 753 million. Profit payable to owners of the company before separately disclosed items increased by 26.8 percent on an advertised basis and saw a 22.2 percent growth on a comparable basis.
The Group achieved strong cash-generating performance and a strong balance sheet as cash-generating levels from operating activities remained robust at USD 1,025 million in the first half of 2019. Leverage / grew from net debt to EBITDA / To 3.0 times / before the adoption of IFRS 16 / up from 2.8 times in FY18.
Net leverage was 3.7x after the adoption of IFRS 16. Fitch maintained DP World’s credit rating at BBB + with a stable outlook thanks to the flexible and diversified nature of its portfolio.
The Group has listed bond deals at record levels, raising $ 1.3 billion by issuing long-term bonds at record low interest rates, which enhance the balance sheet and provide financial flexibility.
Continued investment along the portfolio saw investments in the ports and terminals sector of two new assets in Chile, Fraser Surrey Dox / Canada and consolidation of assets in Australia. Investments in the logistics and offshore sector also included the acquisition of P&E Europe’s comprehensive logistics platform. Or Ferris, “the operator of marine logistics” Topaz Energy and Navigation. ”
Capital expenditure of US $ 636 million invested in the current portfolio during the first half of the year.Capital spending guidelines for 2019 remained unchanged at up to US $ 1.4 billion and include planned investments in the UAE and Bosorga / Ecuador / Berbera / Somaliland / Sokhna / Egypt / London Gateway / UK / Bosorga is the only deepwater port in Ecuador with a capacity of 750,000 TEUs of 20 feet on time. For the budget.
DP continues to focus on achieving operational excellence and maintaining a disciplined approach to investment in order to maintain its position as the preferred trading partner of its customers.
