• 2018 August 16 10:58

    DP World revenue up 14.4% in H1 2018

    Global trade enabler DP World today announces robust financial results for the six months to 30 June 2018. On a reported basis, revenue grew 14.4 % and adjusted EBITDA increased by  7.9 %. Adjusted EBITDA margin was 50.3 %, delivering profit  attributable to  owners of the Company, before separately disclosed items 1, of $ 593 million and EPS of 71.5 US cents. On a like - for - like basis, revenue grew 3.0 % and adjusted EBITDA increased by 4.2 % with adjusted EBITDA margin of  54.4 %, and attributable earnings  to owners of the Company increased up by 5.2 %, reflecting the stable trading environment. 

    Results Highlights

    ➢ Revenue of $2, 626 million ( Revenue growth of 14.4 % on reported and 3.0% on like - for - like basis)

    1 Before separately disclosed items (BSDI) primarily excludes non - recurring items. DP World reported a profit in separately disclosed items of $48 million.

    2 Like - for - like at constant currency is without the new addition s at Berbera (Somaliland), Limassol (Cyprus) , Drydocks World (UAE), Dubai Maritime City (UAE),  Cosmos Agencia  Marítima (Peru), Reyser (Spain); the discontinuation of Doraleh (Djibouti), Saigon (Vietnam), ISS (Pakistan);  and normalizes for the consolidation of  DP World Santos (Brazil).

    3 Gross throughput is throughput from all consolidated terminals plus equity - accounted investees.

    4 Consolidated throughput is throughput from all terminals where the Group has control as per IFRS.

    5 Adjusted EBITDA is Earnings before Interest, Tax, Depreciation & Amort isation including share of profit from equity - accounted investees before separately disclosed items.

    6 The adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue, including our share of profit from equity - accounted investees.

    7 Like - for - like adjusted EBITDA margin.

    Revenue growth of  14.4 % supported by the  volume growth across all three regions and the impact of new  acquisitions including Drydocks World LLC (Drydocks), Dubai Maritime City  (DMC) and Cosmos Agencia Marítima (CAM). 

    ▪ Like - for - like revenue increased by 3.0 % driven by a  4.6 % increase in total containeriz ed  revenue.

    ➢ Adjusted EBITDA of $ 1, 322 million and adjusted EBITDA margin of 50.3% (Like - for - like adjusted EBITDA margin at  54.4 %)

    Adjusted EBITDA grew 7.9 % and EBITDA margin for the half year at 50.3 %. Like - for - like  adjusted EBITDA  grew 4.2 %  with a  margin of 54.4 %.

    EBITDA margin declined due to the consolidation of lower margin Maritime services businesses. 

    ➢ Profit for the period attributable  to owners of the Company of $ 593 million

    Profit attributable to owners of the Company before separately disclosed items  dropped 2.1%  on a reported basis but grew 5.2% on a like - for - like  basis.

    Profit declined due to the deconsolidation of Doraleh (Djibouti) and consolidation of DP World  Santos (Brazil), which remains in ramp up stage. 

    ➢ Strong Cash generation and robust balance sheet 

    Cash from operating activities remains strong at $ 979 million in 1H2018, slightly lower than $ 1,010 million in 1H2017.

    Leverage (Net debt to annualised adjusted EBITDA) increased to 2.9 times from 2.6 times at  1H2017.

    DP World was again upgraded by the rating agency Moody’s from Baa2 to Baa1 with a stable outlook following the one notch upgrade in 2016. Fitch Ratings also upgraded DP World from  BBB to BBB+ in July 2017. Both rating agencies have upgraded DP World by two notches in 2 years.  

    ➢ Continued investment in  long - term assets and expansion into  complementary sectors

    Capital expenditure of $ 439 million invested across the portfolio during the first half of the year.

    Capit al expenditure guidance for 2018 re mains unchanged at up to $1.4 bill ion with investments planned into UAE, Posorja ( Ecuador), Berbera (Somaliland), Sokhna (Egypt) and London  Gateway (UK). 

    The acquisition of Drydocks , which closed in the beginning of 2018, is performing in line with  expectations and we have seen increased contribution to our revenue line. At 1H2018, non - containerized revenue  accounted for approximately 37% of total revenue, up from 31% in  1H2017. 

    Furthermore, DP World continued to invest in complementary sectors and acquired three more strategic assets – the integrated multimodal logistics players Continental Warehousing Corporation (CWC) in India,  Cosmos Agencia Marítima in Peru, and the Unifeeder Group in Denmark, which  operates the largest container  common user  feeder and growing shortsea network in Europe. Also, DP World signed a  20 - year  concession to build and operate a modern logistics hub outside of Bamako, the capital and largest city of the Republic of  Mali. 

    Aside from investments in complementary sectors, DP World recently won a 30 - year concession for the management and development of a greenfield port project at Banana in the Democratic Republic of the Congo, which despite being Africa’s third - most populous country, currently has  no direct deep - sea port.




2019 February 19

17:03 Jan De Nul and Government of the People’s Republic of Bangladesh enter into agreement for the development and dredging of access channels, turning basins, anchorages and berthing areas
16:29 TMA Logistics, CTU and VCL join forces to establish Amsterdam-Utrecht-Rotterdam-Corridor
16:21 NIBULON shipbuilders finish constructing a series of POSS-115 Project tugs
16:03 MOL conducts underwater drone demonstration test for vessel bottom inspection
15:25 Wärtsilä’s propeller cap EnergoProFin listed in EcoAction Program
15:02 ICTSI's Matadi Gateway Terminal unlocks shipping system benefits
14:40 2nd conference on transportation of dangerous cargoes to address application of IMDG Code and ADR Agreement in Russia
14:02 Havyard to deliver ship design for further two cargo vessels for Royal Arctic Line
13:33 Ecochlor announces BWMS retrofit contract with Alaskan Tanker Company
13:02 GTT notified by Samsung Heavy Industries for the tank design of a new LNG carrier for Navigare
12:30 Gas4Sea partners and Equinor signed an LNG bunkering agreement
12:24 Social allocations of Multipurpose Reloading Complex grew by 22% YoY to RUB 3.8 million in 2018
12:01 Rail traffic at the Port of Gothenburg up to 398,000 TEUs in 2018
11:43 International best practices are introduced at ASCO to protect sailors health
11:41 Port of Hamburg sets record for seaport-hinterland rail traffic in 2018
11:39 IMO’s Sub-Committee on Pollution Prevention and Response meets this week
11:18 Concordia Damen celebrates naming of innovative Sendo Liner
11:15 ASCO hosted a training course for instructors
10:47 24 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on February 18-19
10:22 ABP bolsters business with paper company joining Port of Hull
09:58 Brent Crude futures price is down 0.42% to $66.22, Light Sweet Crude – down 0.38% to $56.19
09:40 BIMCO demands 4th IMO GHG Study based on realistic economic growth
09:19 Baltic Dry Index is up to 643 points

2019 February 18

18:06 Algoma announces the Algoma Conveyor is headed for Canada
17:36 Maersk Line announces rates from Mediterranean to West and Central Asia
17:06 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
16:41 MAN Energy Solutions launches new TCT turbocharger series
16:26 VSC receives positive conclusion of state environmental expertise
16:02 Herbert-ABS releases HECSTAB Offshore
15:31 PPR 6 preview: IBIA working for sensible 2020 solutions at IMO meeting
15:02 Suez Canal extends its dry bulk vessels tolls reduction
14:43 Gazprom and Almaz-Antey Corporation sign contract for batch manufacturing of subsea production equipment
14:20 Average wholesale prices for М-100 HFO up to RUB 15,842 in RF spot market
14:02 MOL Chemical Tankers acquires 20% share of Dutch tank container company Den Hartogh
13:39 2nd Hydraulic Engineering Structures and Dredging Congress to gather over 200 Russian and foreign participants
13:15 ONE unveils enhanced intra-Asia Japan service network for 2019
12:51 Nakhodka Trade Sea Port and Damen sign contract on delivery of tug by summer 2019
12:18 33 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on February 17-18
11:53 World Maritime University signs MoU with Jordan Academy for Maritime Studies
11:30 Coastal fish assessments to continue in Baltic Sea with renewed HELCOM project
11:07 Fincantieri starts dry dock works on ultra-luxury cruise ship "Silver Moon"
10:55 Finnpilot Pilotage amendments its service terms during validity of winter assistance restrictions
10:26 ASCO is interested in cooperation with prominent shipping companies
10:07 Diana Shipping announces the sale of two Panamax dry bulk vessels and time charter contracts for m/v Crystalia and m/v Maera with Glencore
09:40 Brent Crude futures price is up 0.17% to $66.36, Light Sweet Crude – up 0.45% to $56.23
09:21 Baltic Dry Index is up to 639 points
09:07 Panama Canal Board of Directors appoints new Canal Administrator and Deputy Administrator
08:07 IMO conducts training course to enhance maritime security in Kenya
07:32 Valencia hosts first internal technical meeting of European project “H2PORTS - Implementing Fuel Cells and Hydrogen Technologies in Ports”

2019 February 17

16:59 Coast Guard responds to vessel fire near Rockport, Texas
15:09 Kleven Shipyard delivers to Maersk the AHTS Maersk Maker
14:33 Danube high-speed low-wash ferry offers new level of efficiency and reliability
13:21 Interorient Marine Services Ltd. convicted and sentenced for oil discharge
12:39 USCG assists in rescue of five people from sunken vessel near Dutch Harbor
11:01 European ports welcome agreement on the European Maritime Single Window environment

2019 February 16

16:15 Ribbon-cutting kicks off ICTSI´s Batumi terminal expansion project
14:42 Höegh’s RoRo solution chosen for 112MT Transformer shipment
13:28 Torqeedo wins Innovation Award at Miami International Boat Show for powerful new inboard electric propulsion system
12:13 Telford Offshore beefs up its fleet
10:26 Chevron inks new LNG agreement with GS Caltex