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DP World H1 revenue increased 10.2%

Staff Writer |
DP World announced strong financial results for the six months to 30 June 2016.

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On a reported basis, revenue grew 10.2% and adjusted EBITDA increased by 27.2%, adjusted EBITDA margin of 56.2%, delivering profit attributable to owners of the company, before separately disclosed items, of $608 million, up 50.2%, and EPS of 73.2 U.S. cents.

On a like-for-like basis, revenue grew 2.5% and adjusted EBITDA increased by 6.6%, adjusted EBITDA margin of 51.8%, attributable earnings up 4.3%, reflecting the challenging global trade environment.

Cash from operating activities amounted to $905 million up from $857 million in 1H2015.

The company successfully raised $1.2 billion in a new 7-year sukuk transaction at significantly improved terms, refinancing $1.1 billion of the existing 2017 sukuk through a tender offer and extending the debt maturity profile.

Adjusted EBITDA margin reached a new high of 56.2% reflecting the Jebel Ali Free Zone acquisition and increased contribution from other higher margin locations. Like-for-like adjusted EBITDA margin was at 51.8%.


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