DP World reports 10% rise in net profits

Ports operator's CEO says firm will meet full year expectations.
NEWS, Ports & Free Zones


Ports giant DP World has reported in its half-year results, with throughput rising by seven percent and net profit after tax from continuing operations up by 10 percent to $206m.

In its six-month financial statement, DP World also said it was on track to meet its full-year expectations, and predicted that the second half would be stronger than the first.

The Dubai-based terminals firm said that revenue increased by five percent to $1.455bn due to the return of container volume growth in the first half.

DP World said that a five percent decline in total costs also contributed to earnings before interest, tax, depreciation and amortisation (EBITDA) margins returning to close to 40 percent.

“We are extremely pleased with the operational and financial performance of the business in the first half of the year. This is a reflection of returning container volumes and our continued focus on driving through efficiencies and managing costs right across our terminal portfolio,” said DP World CEO Mohammed Sharaf.

“As we move into the second half of the year, uncertainty remains over the sustainability of global trade volumes. However, we expect the second half to deliver stronger results than the first half of the year as our terminals benefit from seasonal trade flows and the contribution from new terminals, in addition to some ongoing improvement in non-container revenues and continued cost management.”

DP World also began operations at the Peruvian port of Callao during the first half.

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