DP World reports strong first-half growth

18 August 2016

Port company records growth in revenues and profits

Dubai-based DP World reported earnings of $608m on the back of $2.09bn in revenues for the first half of 2016. This marks a 50 per cent growth in earnings and 10.2 per cent growth in revenue compared to the same period in 2015.

However, the percentage in profit and revenue increases is significantly lower, at 4.3 per cent and 2.5 per cent, if one takes into account a like-for-like comparison using constant currency rates, according to the company’s filing with Nasdaq Dubai on 18 August.

The firm’s consolidated throughput increased by 1.6 per cent, from 14.3 million twenty-foot equivalent units (TEU) in the first half of 2015 to 14.6m for the same period this year.

The company said the revenue growth is supported mainly by the acquisitions of Jebel Ali Free Zone in the UAE and the Prince Rupert of Canada port.

Results before separately disclosed items1 unless otherwise stated1H2016 1H2015 As Reported % changeLike-for- like at constant currency % change[1][2]

USD million

    

Consolidated throughput [2][3](TEU ‘000)

14,603

14,378

1.6%

(1.4%)

Revenue

2,094

1,900

10.2%

2.5%

Share of profit from equity-accounted investees

69

33

109.1%

(4.1%)

Adjusted EBITDA[3][4]

1,176

924

27.2%

6.6%

Adjusted EBITDA margin[4][5]

56.2%

48.6%

-

51.8%[5][6]

Profit for the period

673

455

47.8%

6.7%

Profit for the period attributable to owners of the Company

608

405

50.2%

4.3%

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

557

364

53.1%

-

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

73.2

48.7

50.2%

4.3%

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

67.1

43.9

53.1%

-

[1][2] Like-for-like at constant currency is without the addition of new capacity at Yarimca (Turkey), Stuttgart (Germany), Antwerp Inland (Belgium), Prince Rupert (Canada) and Jebel Ali Free Zone (UAE).

[2][3] Consolidated throughput is throughput from all terminals where the group has control as per IFRS.

[3][4] Adjusted EBITDA is Earnings before Interest, Tax, Depreciation & Amortisation including share of profit from equity-accounted investees before separately disclosed items.

[4][5] The adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue, including our share of profit from equity-accounted investees.

[5][6] Like-for-like adjusted EBITDA margin.

Source: DP World

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