DP World-owned Topaz sees revenue growth of 42.4% for Q2
Dubai-based offshore support vessel company Topaz Energy and Marine achieved second-quarter net profit as revenue climbed, one month after being purchased by DP World, reports The National.
Net profit after exceptions for the three months to end of June climbed to US $25 million (Dh91.8m) from a US $1m loss reported for the same period in 2018, the company said.
Revenues for the reporting period also rose 42.4 per cent to US $121m, it added.
The company’s first-half net income also surged to US $42m from a US $4m loss recorded at the end of first six months of 2018. Revenues jumped 56 per cent year-on-year to US $235m.
Earnings before interest taxes, depreciation and amortisation rose by 83 per cent to US $141m in the first half.
A rise in average day rate by 16 per cent to US $17,361 during the first half also helped profitability, it added.
DP World acquired Topaz from Oman's Renaissance Services and Standard Chartered's private equity arm for an enterprise value of US $1.08 billion (Dh3.96bn) in July.
“DP World recognises the success we have achieved and wants us to continue to deliver that going forward. Testament to this success, are our results for the first half of 2019,” said René Kofod-Olsen, chief executive of Topaz Energy and Marine.
“The acquisition concludes our journey to deliver the right solution for our current shareholders, combined with a strong future capital structure for the company, creating the necessary liquidity to provide Topaz with a sustainable future,” he added.
The deal marked the ports operator's first foray into the oil and gas sector. DP World has been on an investment spree since 2018 as its growth strategy evolves to include the wider logistics supply chain.
It bought UK-based transport and logistics company P&O Ferries, Indian rail logistics company Kribhco Infrastructure and Chile ports operator Puertos y Logistica.