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DP World Profits Up 27% in H1 2019

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem. Photo: DP World

Shailaja A. Lakshmi

Dubai International Ports Group (DP World) announced a strong financial results for the first six months of the year ended June 30, 2019 and its profits soared by 27% to US$753.

Acquisitions and growth in non-containerized revenue helped revenue climb to $3.46 billion, although on a like-for-like, constant currency basis the revenue increase was 11 percent, said the Dubai-based company.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: "DP World is pleased to report like-for-like earnings growth of 22% in the first half of 2019 and attributable earnings of $753 million. This strong financial performance has been delivered in an uncertain trade environment, once again highlighting the strength of our portfolio."

Consolidated throughput was up by 4.9% across the terminal portfolio to 19.5m teu although it was down by 1.7% on a like-for-like basis, highlighting the contribution of new investments.

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem credited the company's strategy of developing innovative new products and services and prudent management for DP World's impressive half-year results.

Bin Sulayem added that DP World's excellent performance against the backdrop of challenging global economic conditions is a testament to the company's resilience, sound growth strategy and the diversification of its global investment portfolio across energy, maritime and sustainable mobility amongst others.

The statement was made as global trade enabler DP World PLC announced strong financial results today for the six months ending 30 June 2019 with reported adjusted EBITDA and attributable earnings growth of 21.9% and 26.8% respectively.

"Our half-year financial results have been in line with our expectations," Bin Sulayem said.

He highlighted that DP World continues to be guided by deep market understanding, innovation and operational excellence across 45 countries worldwide.

Despite uncertainty from the trade war and challenging regional geopolitical realities, DP World has been able to deliver and excel a broadly impressive performance in the first half of 2019.

Aug 23, 2019

 

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