• 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.




2018 September 26

08:07 Jumbo awarded transportation & installation contract in Sergipe, Brazil
07:34 Total increases its share in the Danish Underground Consortium

2018 September 25

18:37 Colombo Dockyard achieves recognition at the Presidential Export Award
18:10 Tersan Shipyard (Turkey) lays down lead crab catching and processing ship of Project ST184 for Arktikservis
17:56 CMA CGM announces GRR from Asia to South Africa
17:36 The Ocean Cleanup chooses Iridium as provider of satellite communications services
17:20 First RITM-200 reactor intended for nuclear-powered icebreaker Ural left for Baltiysky Zavod shipyard
17:06 ABP opens up Humber International Enterprise Park development plans to public
16:57 Shippers suspect sulphur stitch-up
16:29 Kotug Smit Towage performs naming ceremony for tug Southampton
16:20 Portugal joins WISTA International
15:38 Volga Shipping Company named the best in terms of transport security
15:12 Mr. Birkir Hólm Guðnason hired as CEO of Samskip Iceland
14:11 CMA CGM to review sales policy regarding Low Sulphur IMO 2020 Regulation
13:49 NIBULON successfully completed its passenger transportation season
13:11 North Carolina Ports’ terminals resume full commercial operations following hurricane Florence
12:50 Fuel oil prices are going up in the Far East ports of Russia (graph)
12:31 Havila Kystruten selects Havyard to deliver the ship design and extensive equipment package for four new vessels
12:14 European ports welcome Parliament’s explicit support to remove the tax barriers for shore-side electricity for ships
12:01 Long Beach Commission OKs budget for expanded rail yard
11:43 DHT Holdings announces $50 mln scrubber financing
11:32 Nevsky Shipyard takes part in «Marintec Offshore Russia» exhibition
11:00 GTT receives a new order from Samsung Heavy Industries for the tank design of two new LNG carriers
10:55 NYK announces delivery of new wood-chip carrier for Hokuetsu Corporation
10:24 Baltic Dry Index is up to 1,434 points
10:01 Brent Crude futures price up 0.2% to $80.69, Light Sweet Crude – up 0.12% to $72.17
09:38 Yaroslavsky Shipyard lays down oil recovery vessel of Project Р2114 for Transneft
09:15 Audit summary report to be considered by Sub-Committee on Implementation of IMO Instruments

2018 September 24

18:36 DNV GL unveils the complexity of ocean governance in report for the UN Global Compact
18:03 Klaveness Combination Carriers AS announces completion of USD 45.0 million private placement
17:52 Port of Southampton recognised in top 20 under 40 cruise award
17:36 CMA CGM announces GRR from India West Coast to Mozambique
17:03 Metropolitan Plan for Great Newcastle endorses Port of Newcastle vision
16:50 Ust-Luga Container Terminal handles cargo for Nord Stream 2
16:47 Wightlink names its new flagship
16:45 Bomin exits the bunker markets in Singapore and Antwerp
16:43 Hamburg and St. Petersburg strengthen cooperation at the Port Evening
16:33 DNV GL ends operations in Iran by 4th November
16:19 Vladimir Panchenko dredger built by Shipbuilding - Ship Repair Corporation features local content of 90%
16:03 IMO sadness over Nyerere casualty
15:47 Moby Dik terminal starts handling vessels of Sea Connect line
15:33 Wärtsilä inaugurates upgraded EGC test facilities in Norway
15:20 ESPO wants more ambition on harmonisation of data, while maintaining flexibility in reporting systems
15:03 Vinalines to build 2 terminals at $299 mln in Lach Huyen Port
14:46 Port of Antwerp presents smart port of the future at Supernova
14:33 DFDS Seaways raises capacity on route Zeebrugge - Norway
14:18 Feasibility study of concession of state stevedoring companies «Olvia» and «Kherson» presented for acquaintance to potential investors
14:03 Norway’s largest cruise port of Bergen to build Europe’s largest onshore power supply facility
13:59 Sea Port of Saint-Petersburg named one of the best transport infrastructure facilities
13:34 Average wholesale prices for М-100 HFO up to RUB 21,529 in RF spot market
13:11 Okskaya Sudoverf lays down fourth dry cargo carrier of Project RSD32M
12:45 NOVATEK shipped first LNG cargo to Brazil
12:23 Finalists for the Seatrade Maritime Awards in Dubai announced
12:00 Nor-Shipping 2019 takes place in Oslo and Lillestrøm, Norway, from 04 to 07 June 2019
11:16 Longline factory ship Marlin laid down by Severnaya Verf shipyard to feature 40% of local content
10:54 Damen performs float-out of Australian icebreaker
10:52 NOVATEK increases number of Management Board members
10:28 Smart shipping to be under the spotlight at Seatrade Maritime Middle East
10:05 Baltic Dry Index is up to 1,413 points
09:43 Brent Crude futures price up 1.25% to $79.22, Light Sweet Crude – up 1.2% to $71.63