Connecting intelligence with intelligence

Sign in to your Zawya account

Forgot username or password?
×

Back to Sign-In Form

If you have forgotten your login details, please re-confirm your email address below and your username and password will be sent to this email shortly.

Need more help?

Customer Support support@zawya.com
+971 4 233 8178

×
Advertisement

Aug 25 2011

DP World Limited - Announcement of Interim Results for the Six Months ended 30 June 2011

In This Article

DP World Limited

Dubai, United Arab Emirates, 25 August, 2011: DP World today announces financial results from its global portfolio of marine terminals for the first six months of 2011 reporting profit after tax before separately disclosed items of $281 million, 36% ahead of the same period last year.

Chief Executive, Mohammed Sharaf commented;

" DP World has had an excellent start to the year with gross volume growth 11% ahead of the prior period, improved revenue generation, a continued focus on cost management and improved terminal efficiencies resulting in EBITDA of $645 million and improved EBITDA margin ahead of expectations at 42.9%.

"Profit for the six month period before separately disclosed items was $281 million, close to profit levels last seen at our peak in 2008 as our container terminals have become more profitable following initiatives implemented as a result of the 2009 downturn. Our global portfolio, focused on both origin and destination cargo and in the emerging markets, is now more robust and better positioned to deliver profitable growth.

"We have continued to expand our global capacity, either through continued investment in new or existing terminals or through incremental investment focused on delivering greater efficiencies for our customers.

"Gross cash generation increased to $570 million in the first six months of the year with net debt reduced to $3.7 billion, partly as a result of our good financial performance and partly as a result of the monetization of part of our Australia operations. This has resulted in leverage[1][1] of 2.9 times and provides a solid platform for investment in the future growth of our business.

"Historically the second half of the year has been stronger than the first half. However, as we said in our update in July, there is uncertainty around the outlook for the global economy making it more challenging to forecast how global trade will develop in the second half of the year.

"The impact of this uncertainty has not, as yet, been reflected in the markets in which we operate and, with our focus on the more resilient emerging markets, we still expect to deliver full year results in line with expectations."
-Ends-

Investor Inquiries
Fiona Piper, DP World Limited
Mobile: +447919175602
Email: Fiona.piper@dpworld.com

Media Inquiries
Sarah Lockie / Natasha Bukhari
DP World Limited
Telephone: +971 4 8080 1000

Jon Coles/Chris Blundell, Brunswick Group
Telephone: +44 20 7404 5959

Analyst/Investor Conference Call

There will be conference calls for debt and equity analysts and investors;

1) At 1200 noon Dubai time (9.00am London) on Thursday 25 August 2011 with CEO Mohammed Sharaf and CFO Yuvraj Narayan

2) A playback of the earlier call will be available the following day. For the dial in details and playback details please contact investor.relations@dpworld.com .

The presentation accompanying these conference calls will be available on DP World 's website within the investor centre. www.dpworld.com from 0900 UAE time (0600 London).

[1] [1] Leverage is calculated using net debt to annualized adjusted EBITDA

© Press Release 2011

© Copyright Zawya. All Rights Reserved.

Be the first to comment

People Who Read This Also Read

Oddly Enough

Send This Article To Your Friends

All fields are required.

Use commas for multiple email addresses

We'll use your email address to send the article on your behalf and it will not be collected or used for any other purposes.

X
Panel