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DP World, one of the world’s largest port operators, reported a higher net profit at $753 million for the first half of the year 2019, triggering a rally in the company’s shares.
The company’s net profit attributable to owners rose to $753 million compared to $593 million in H1 2018, a 26.98 percent increase. Its shares rose 5.04 percent in early trading on Thursday by 10:40 GST.
DP World’s H1 2019 revenue increased 31.56 percent to $3.46 billion, compared to $2.63 billion for the same time last year.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said in an announcement accompanying the results: “This strong financial performance has been delivered in an uncertain trade environment, once again highlighting the strength of our portfolio.”
“We have invested significantly across our Ports, Logistics & Maritime Services businesses,” he added.
“Our balance sheet remains strong, and we continue to generate high levels of cash flow, which gives us the ability to invest in the future growth of our current portfolio. Going forward, we aim to integrate our new acquisitions and deliver synergies with the objective of providing smart end-to-end solutions, which will improve the quality of our earnings and drive returns,” Bin Sulayem said.
“Whilst the near-term trade outlook remains uncertain with global trade disputes and regional geopolitics causing uncertainty to the container market, the strong financial performance of the first six months also leaves us well placed to deliver full-year results slightly ahead of market expectations,” he ended.
(Reporting by Gerard Aoun; Editing by Seban Scaria)
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© ZAWYA 2019
