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Profit increase for APM Terminals

Profits of US$179m in Q2 2013 compared to US$160m in 2012.
Khalifa bin Salman Port in Bahrain.
Khalifa bin Salman Port in Bahrain.

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APM Terminals, the port division of A.P. Moller-Maersk, has recorded profits of US$179 million in its 2013 second quarter financial results.

This was an improvement of US$19 million compared to Q2 2012 for the group which has joint-venture operations at the Aqaba Container Terminal in Jordan; the Khalifa bin Salman Port in Bahrain; and the Port of Salalah in Oman.

The volumes were at the same level as last year, with most terminals in Europe and North America recording decreased volume, offset by continued positive developments in high growth markets.

The global container terminal market measured in TEU increased by 4% during Q2 2013, and has grown by 3% in the six months to June 2013 (Drewry).

The number of containers handled by APM Terminals (measured in crane lifts and weighted with APM Terminals’ ownership interest) was unchanged at 9.1 million TEUs compared to Q2 2012. Volumes from customers outside the group grew by 7% in the first half of 2013 and reached 50% (47%).

Revenue increased by 1.9% mainly caused by higher construction revenue on behalf of certain concession grantors also reducing the EBITDA margin. The profit from associated companies and joint ventures mainly located in high growth markets increased significantly compared to last year.

The invested capital increased to US$5.6 billion (US$4.4 billion). The increase reflects the continued high investment level in APM Terminals and notably the acquisition of a 37.5% co-controlling share of Global Ports Investments PLC, Russia in November 2012.

Operational cash flow was US$241 million (US$265 million) and cash flow used for capital expenditure was US$212 million (US$63 million).
 

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