• 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 July 18

18:05 Future expectations for MPS Terminal 3 in the port in Tema outlined with Government delegation
17:24 PGNiG acquires interest in another gas field in the North Sea
17:18 DNV GL supports 2020 sulphur compliance with online Ship Implementation Plan
17:05 OOCL announces new Middle East / Indian Subcontinent – North Europe Service
16:35 Consortium including DEME and Jan De Nul explores pioneering high-wave offshore solar technology
16:07 Large maritime market players join hands to create high-wave offshore solar panels
15:52 State Duma makes it easier for foreign tourists to visit Russia’s Arctic
15:35 Incat Tasmania delivers new 111-metre ferry to Spain operator Naviera Armas
15:18 Hapag-Lloyd launches South-East India – Europe Express Service // IEX to start operations in October 2019
15:01 Operation ATALANTA welcomes ESPS CANARIAS
14:26 Bunker prices are slightly down at the Far East ports of Russia (graph)
14:00 Diana Shipping announces time charter contract for m/v Selina with Ausca
13:44 PortNews Media Group's anniversary celebration photo release
13:22 Aleksey Khaidukov as President of Novoship
13:00 Global Ports Holding invites proposals for Duty Free and Travel Retail operations at Malaga, Zadar, Cagliari and Catania cruise ports
12:47 East Mining Company eyes arranging offshore transshipment of coal in Kamchatka under Tata project
12:09 Wärtsilä posts financial results for January-June 2019
11:53 Construction of LNG-powered icebreakers to be financed by NOVATEK – Vyacheslav Ruksha
11:31 RF Deputy PM Maksim Akimov set a task to begin dredging in the Gulf of Ob not later than on 1 August 2019
11:09 Port of Muuga strengthened with new ferry connection to Finland
10:48 Primorsky MRC terminal to offer fully closed transshipment of loose cargo
10:30 MAN Energy Solutions gets subsea compression FEED order from Chevron
10:09 Port of Lowestoft names new state-of-the-art pilot boat
09:56 MABUX: Bunker market this morning, July 18
09:50 APM Terminals Callao launches Peru’s first digital customer platform
09:34 Brent Crude futures price is up 0.17% to $63.77, Light Sweet Crude – up 0.02% to $56.79
09:16 Baltic Dry Index is up to 2,064 points

2019 July 17

18:13 USCG responds to boat collision, assists 4 injured
17:55 LNG vessels to protect environment and increase container turnover at the Port of Riga
17:32 YAMAL LNG obtains certification for the new ISO 45001:2018 and confirms compliance with ISO 14001:2015
17:03 Qatargas delivers 3000th LNG cargo to Japan
16:48 Maslovoz-2 tanker left floating dock of Novorossiysk Ship Repair Yard
16:21 Krasnoye Sormovo delivers the Aleksandr Zuyev, dry cargo carrier of Project RSD59, to STLC
16:03 Safe Bulkers, Inc. announces installation and commissioning of the first scrubber on MV Martine
15:44 Germany accedes to ship recycling convention
15:27 South Africa accedes to compensation regime for hazardous and noxious cargoes
15:02 BHP to introduce low emissions LNG freight
14:02 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
13:32 McDermott awarded FEED contract for Sohar LNG bunkering project in Oman
13:15 Pilbara Ports Authority delivers a total annual throughput of 697.2 million tonnes for the 2018/19 financial year
12:39 Exports of Russian oil products from Kambarka oil tank farm resumed by river route via RPK-Vysotsk-LUKOIL-II
12:01 Aker Solutions announces Second-Quarter and Half-Year results 2019
11:51 New edition of Rules for Classification and Construction of Ships Carrying Liquefied Gases in Bulk published by RS
11:44 Port of Oakland’s keystone project set to be delivered in 2020
11:26 NIBULON shipyard continues forming the hull of its 140-m NIBULON MAX floating crane
11:02 The President of the European Council visits the new Port of Baku
10:40 Gasum Group reports its financial results for Q2 2019
10:30 MABUX: Bunker market this morning, July 17
10:17 AS Tallinna Sadam reports its 2019 Q2 passenger and cargo flows
09:54 Bunker prices increase at the port of Saint-Petersburg, Russia (graph)
09:35 Brent Crude futures price is up 0.25% to $64.51, Light Sweet Crude – up 0.03% to $57.64
09:19 Baltic Dry Index is up to 2,011 points

2019 July 16

18:06 CMA CGM announces FAK rates from Asia to North Africa
17:49 Marine Recruiting Agency to recruit personnel for Petrolesport
17:36 Hapag-Lloyd adds vessel to its North America Westcoast / Oceania Service
17:24 Turnover of DeloPorts’ terminals in 1H’19 decreased by 25% YoY to 3.2 mln tonnes
17:06 Odfjell SE sells its ownership share of terminal in Jiangyin, China
16:30 Keppel secures contract from Yinson for the modification of FPSO
16:01 More than 100,000 containers shipped via Intercity Barge at the Port of Rotterdam
15:56 Van Oord orders third trailing suction hopper dredger from Keppel