Interim results for the six months to 30 June 2010
Dubai, United Arab Emirates, 18 August, 2010: – DP World today announces encouraging financial
results from its global portfolio of marine terminals for the first six months of 2010. These results
reflect the return to container volume growth combined with the continuation of cost management to
drive EBITDA margins ahead of expectations.
- Consolidated2 throughput up 7% to 13.2 million TEU3 (12.3 million)
- Revenue up 5% to $1,455 million ($1,384 million)
- Adjusted EBITDA4 up 8% to $580 million ($535 million)
- Adjusted EBITDA margins increase to 39.9% (38.7%)
- Net profit after tax from continuing operations up 10% to $206 million ($188 million)
- Gross cash generation from operating activities of $525 million ($500 million)
- Earnings per share5 of 1.06 cent (1.06 cent)
The return of container volume growth across our portfolio in the first half of the year and our success
in maintaining container revenue per TEU slightly ahead of the prior period has allowed DP World to
deliver revenue growth of 5% despite a small decline in non-container revenues.
Our regional and terminal management teams have continued to focus on improving efficiencies
whilst managing costs very tightly, leading to a 5% decline in total costs in the first six months of the
year. EBITDA margins are back at close to 40%.
We have continued to invest in our operations to improve our service to our customers with a number
of our terminals benefitting from new cranes and yard equipment. Operations have begun at Callao,
Peru, with two further developments becoming operational in the second half of the year.
Chief Executive Officer Mohammed Sharaf commented:
“We are extremely pleased with the operational and financial performance of the business in the first
half of the year. This is a reflection of returning container volumes and our continued focus on driving
through efficiencies and managing costs right across our terminal portfolio.
