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Global marine terminal operator DP World has announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015, delivering profits up almost 22 per cent compared to the first half of 2014. Like-for-like revenue increased 7.6 per cent, driven mainly by containerised revenue growth of 5.7 per cent.
Over US $3 billion has been invested in the acquisition of Economic Zones World (EZW) and Canada’s Fairview Terminals, while US $597 million has been invested across the existing portfolio during this period. By the end of 2015 DP World expects to have approximately 85 million teu of capacity globally, rising to over 100 million teu of capacity by 2020, subject to market demand.
DP World Chairman, Sultan Ahmed Bin Sulayem, commented: “We are pleased to announce a strong set of results for the first six months of 2015, aided by the acquisition of EZW. This financial performance has been achieved despite uncertain market conditions, which once again demonstrates the well diversified and resilient nature of our portfolio.”
The near term outlook remains unpredictable, the company states. However DP World believes its business is well positioned to continue to outperform the market. “We remain focused on delivering relevant new capacity in the right markets, improving efficiencies and managing costs to drive profitability. Our first half performance underpins our confidence in meeting full year market expectations,” added Mohammed Sharaf, group chief executive.
The Middle East, Europe and Africa region delivered a particularly strong performance, boosted by the consolidation of EZW. Adjusted EBITDA for this sector improved by almost 24 per cent compared to the first half of 2014. The UAE delivered a solid performance in the first half with containerised revenue growing by 4.2 per cent and non-container revenue by 14.9 per cent, as economic activity in the UAE and wider region remained robust.
