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DP World's profits up 27pc in half year on revenue hike of 11pc

DP World's profits attributable to the company owners surged by 26

DP World's profits up 27pc in half year on revenue hike of 11pc

DP World's profits attributable to the company owners surged by 26

25 August 2019 - 19:00

DP World's profits attributable to the company owners surged by 26.8 per cent to US$753 million in the first half of 2019, bolstered by acquisitions and growth in non-containerised revenue.

The port operator also reported revenues of $3.4 billion for the first-half of the year, a 10.8 per cent gain over last year's tally, according to UK's Container Management.



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



Consolidated throughput was up by 4.9 per cent across the terminal portfolio to 19.5 million TEU although it was down by 1.7 per cent on a like-for-like basis, highlighting the contribution of new investments.



The terminal operator's like-for-like earnings were up by 22 per cent as the company continued with its diversification strategy, aiming to participate across a wider part of supply chain.



Hoping to connect directly with customers to offer logistics solutions and remove inefficiencies in the supply chain, the company has acquired Unifeed and become a significant inland logistics operator in India in recent years.



It also invested in two new assets in Chile this year, along with the Fraser Surrey Docks8 in Canada and a consolidation of assets in Australia.



It also acquired the pan-European logistics platform of P&O Ferries and marine logistics operator, Topaz Marine & Energy8.



The group chairman added: 'This strong financial performance has been delivered in an uncertain trade environment, once again highlighting the strength of our portfolio.



'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.'



Capital expenditure across the existing portfolio reached $636 million in the first half of 2019 while it is expected to reach US$1.4 billion by the end of the year.



Future investments planned during the remainder of 2019 will focus on facilities in the UAE, Posorja in Ecuador, Berbera in Somaliland, Sokhna in Egypt and London Gateway.



Mr Sulayem added: '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.'


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