Dubai-based DP World reported revenue of $2.29bn in the first half of 2017, an increase of 9.6 per cent over the same period in 2016.

Earnings attributable to company owners, however, declined by 0.3 per cent to reach $606m resulting in a similar decline in earnings per share (EPS) of 73 cents.

The share of profit from equity-accounted investees also declined by 12.7 per cent to reach $60m.

Like-for-like comparison for the period, which excludes new capacity during the reporting period, shows a positive performance with earnings attributable to owners growing by 15.8 per cent.

“After a challenging period, we have seen a pick-up in global trade particularly in the second quarter of the year,” DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, said in a statement.

This trend, along with DP World’s recent investments in ports at Yarimca in Turkey, London Gateway in the UK, Rotterdam in Netherlands and JNP Mumbai in India, are understood to have enabled the company to deliver above market average volume growth

The executive said they have invested $595m in capital expenditure in key growth markets, and are investing over $170m for acquisitions. “Our balance sheet remains strong and we continue to generate high levels of cash flow,” Bin Sulayem said.

As in previous first-half reports in recent years, the CEO expressed confidence in meeting full-year market expectations.

Results before separately disclosed items1unless otherwise stated 1H 2017 1H 2016 As reported % change Like-for- like at constant currency % change*

$m

       

Gross throughput (TEU ‘000)

33,997

31,414

8.20%

7.70%

Consolidated throughput (TEU ‘000)

17,870

14,603

22.40%

4.70%

Revenue

2,295

2,094

9.60%

3.00%

Share of profit from equity-accounted investees

60

69

-12.70%

67.30%

Adjusted EBITDA

1,225

1,176

4.20%

7.00%

Adjusted EBITDA margin

53.40%

56.20%

54.8%[6]

Profit for the period

682

673

1.40%

13.30%

Profit for the period attributable to owners of the Company

606

608

-0.30%

15.80%

Profit for the period attributable to owners of the Company after separately disclosed items

543

557

-2.50%

Basic earnings per share attributable to owners of the Company (US cents)

73

73.2

-0.30%

15.80%

Basic earnings per share attributable to owners of the Company after separately disclosed items (US cents)

65.5

67.1

-2.50%

*Like-for-like at constant currency is without the addition of new capacity at Berbera (Somaliland), Limassol (Cyprus), Saint John (Canada), ISS (Pakistan), CXP (Peru), Yarimca (Turkey) and normalizes for PNC (South Korea) consolidation. Source: DP World