DP World: Strong Set of First Half Results (UAE)
DP World Limited announces 26% increase in like-for-like profit for the six months ended 30 June 2013.
“DP World is pleased to announce another strong set of first half results in spite of challenging market conditions. We are on track with our substantial investment plan and on schedule to deliver an additional 10 million TEU capacity over the next two years. Our portfolio is well positioned to capitalise on the significant medium to long-term growth potential of this industry due to our focus on the faster growing emerging markets and stable origin and destination cargo,” stated DP World Chairman, Sultan Ahmed Bin Sulayem.
Group Chief Executive Mohammed Sharaf commented: “Despite tough market conditions, we have reported an excellent set of financial results for the first six months of 2013. We believe 9.5% like-for-like EBITDA growth, 26% like-for-like EPS growth and a 47.1% like-for-like adjusted EBITDA margin is pleasing given some of the headwinds that we have faced.
“We continue to actively manage our portfolio, having monetised assets in Hong Kong this year, with an expectation to recycle this cash into projects that will deliver a higher return on our capital. Our substantial investment programme remains unchanged and on schedule as we expect to add 10 million TEU of capacity over the next two years. Crucially our balance sheet remains strong, which gives us the ability to invest in the future growth of our current portfolio, and the flexibility to make new investments should the right opportunities arise as well as delivering enhanced returns to shareholders over the medium term.”
“The outlook remains uncertain and market conditions in some regions are undoubtedly challenging. We continue to focus on delivering efficiencies, containing costs and handling higher margin containers to drive profitability and, in light of improving momentum seen through the first half, remain confident of meeting full year expectations. Our business is well positioned for medium to long-term growth and we are adapting to the evolving needs of our customers. The first half financial performance is a strong indicator of the resilience of our portfolio and we believe we are well positioned to continue to outperform the market in the medium term.”
Press Release, August 29, 2013