Dubai-headquartered DP World has announced impressive financial results for the six months to June 30 2018. The group’s revenues were up by over 14% in this period compared with 2017, while profitability on an EBITDA basis was almost 8% higher.
The double digit revenue growth reflected not just strong business performance across all geographic regions but also the acquisition of Drydocks World and Dubai Maritime City in the UAE. These businesses, which were taken into the group in early 2018, are said to be performing in line within expectations and are already making an increased contribution to DP World revenue streams.
Market conditions for the company’s port’s business in the Middle East have been challenging, however, and immediate cargo throughput growth prospects are considered limited, as a result of political and economic factors. UAE port volumes have, nonetheless, remained at more or less the same level as seen last year and DP World is hopeful that container throughput at Jebel Ali for the full 12 months of 2018 will show a modest increase compared with 2017.