DP World, the world's fourth largest terminal operator, reported a marginal decrease in its first-half 2017 net income on Thursday but said improvements in the global trading environment keep it on track to meet full-year market expectations.
The profit attributable to the shareholders reached US$606 million for the six months to June 30, which compares with a profit of $608m for the corresponding period of 2016, the firm said in a statement to Nasdaq Dubai, where its shares are traded. The income for the period was in line with Egyptian lender EFG-Hermes’ estimates.
DP World's revenue for the first six months of 2017 climbed 9.6 per cent to $2.29bn. Cash from operating activities for the period also climbed to $1bn, up from $905m recorded in the first half of 2016.
“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, and the flexibility to make new investments should the right opportunities arise,” DP World’s group chairman and chief executive, Sultan Ahmed Bin Sulayem said.
Port operators across the globe have struggled to maintain profitability on the back of slower global trade and weaker economic growth due to persistently low prices of oil. However, the trade is picking up pace and DP World said it improved, particularly, in the second quarter of this year.
The firm, which was upgraded by Fitch to BBB+ from BBB recently after both Fitch and Moody’s increased its rating by one notch in 2016, said the volumes were driven by market share gains through new shipping alliance and its performance across all three regions, where it operates, was “robust”.
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DP World gross container volume advances 10.7% in second quarter
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DP World subsidiary, P&O Maritime acquired Spanish Maritime Service operator Reyser in June. The firm spent $595m in capital expenditures in its key growth markets during the first six months of this year and announced investments of $170m in acquisitions of maritime businesses.
“These investments leave us well placed to deliver on our strategy to strengthen our port related services and capitalize on the significant medium to long-term growth potential of this industry,” Mr Bin Sulayem said, adding that the capital expenditure guidance for 2017 remains unchanged at $1.2bn with investments planned into home-port of Jebel Ali, the UK’s London Gateway, Canada’s Prince Rupert and Somaliland’s Berbera facilities.
The firm also reported 33.9m twenty-foot equivalent units (TEUs) of gross throughput for the first half of 2017, an 8.2 per cent increase over the same period last year. The consolidated throughput rose by 22.4 per cent to 17.87m TEUs.
“Looking ahead to the second half of the year, we expect higher levels of throughput to be maintained. Overall, the steady financial performance of the first six months leaves us confident in meeting full-year market expectations,” he said.
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MATCH INFO
Mainz 0
RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')
Man of the Match: Timo Werner (RB Leipzig)
T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
COMPANY%20PROFILE%20
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UAE currency: the story behind the money in your pockets
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%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
THURSDAY'S ORDER OF PLAY
Centre Court
Starting at 10am:
Lucrezia Stefanini v Elena Rybakina (6)
Aryna Sabalenka (4) v Polona Hercog
Sofia Kenin (1) v Zhaoxuan Yan
Kristina Mladenovic v Garbine Muguruza (5)
Sorana Cirstea v Karolina Pliskova (3)
Jessica Pegula v Elina Svitolina (2)
Court 1
Starting at 10am:
Sara Sorribes Tormo v Nadia Podoroska
Marketa Vondrousova v Su-Wei Hsieh
Elise Mertens (7) v Alize Cornet
Tamara Zidansek v Jennifer Brady (11)
Heather Watson v Jodie Burrage
Vera Zvonareva v Amandine Hesse
Court 2
Starting at 10am:
Arantxa Rus v Xiyu Wang
Maria Kostyuk v Lucie Hradecka
Karolina Muchova v Danka Kovinic
Cori Gauff v Ulrikke Eikeri
Mona Barthel v Anastasia Gasanova
Court 3
Starting at 10am:
Kateryna Bondarenko v Yafan Wang
Aliaksandra Sasnovich v Anna Bondar
Bianca Turati v Yaroslava Shvedova
Company%20Profile
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
SPECS
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Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5