DP World increases six month profit by 36 per cent
DP World today announced financial results from its global portfolio of marine terminals for the first six months of 2011, reporting profit after tax before separately disclosed items of $281 million, 36 per cent ahead of the same period last year.
After separately disclosed items, which include a significant one off gain from the monetization of 75 per cent of DP World’s Australia terminals, the company made a profit of $741 million for the six month period.
“DP World has had an excellent start to the year with gross volume growth 11 per cent ahead of the prior year. Our continued focus on cost management and improved terminal efficiencies have resulted in EBITDA of $645 million and improved EBITDA margin ahead of expectations at 42.9 percent,” said chief executive, Mohammed Sharaf.
In the UAE region, volume growth of 11 per cent resulted in revenue of $455 million, with container revenue growth of 13 per cent and non-container revenue growth of 8 per cent.
Despite historically performing better in the second half of the year, Sharaf remains hesitant on predictions for the company for the remainder of 2011.
“Historically the second half of the year has been stronger than the first half. However, as we said in our update in July, there is uncertainty around the outlook for the global economy making it more challenging to forecast how global trade will develop in the second half of the year,” he said.