DP World records $3.4b in first-half revenues

Dubai: The port operator DP World reported revenues of $3.4 billion for the first-half of the year, a 10.8 per cent gain over last year’s tally. The gains were partly led by benefits from recent acquisitions. Profit for the period attributable to owners of the company were up 26.8 per cent to $753 million.

“Our half-year financial results have been in line with our expectations,” said the group Chairman and CEO, Sultan Ahmad Bin Sulayem.

Like-for-like revenue increased quite markedly, driven by “growth in non-container revenue while profit for the period attributable to owners of the company increased by 22.2 per cent”.

“While 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,” the Chairman added.

“Our balance-sheet remains strong, and we continue to generate high levels of cashflow, 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.”

The capital expenditure guidance for the full-year remains unchanged at around $1.4 billion, with investments planned in the UAE, Posorja in Ecuador, Berbera in Somaliland, Sokhna in Egypt, and London Gateway.