Booming global trade, especially in Asia, helped DP World, the UAE’s global ports operator, to report a 42 per cent increase in profits at the halfway stage, ahead of most experts’ expectations.
With some signs of recovery in European business, DPW made US$372 million in the six months to June 30, compared to $295m in the first half of last year. The mid-way result reflected a big improvement in margins, on the back of an 11 per cent revenue increase to $13 billion.
Jebel Ali, the group’s headquarters, was again the mainstay of the business. Mohammed Sharaf, the chief executive, said that the economy in the UAE and the wider region was “robust”, and that growth was driven by tourism and logistics, with the benefits of the Expo 2020 business exhibition still to come.
However, he warned that “continued geopolitical issues may result in challenges as the year progresses”.
Mr Sharaf added: “Historically our second half throughput performance has been stronger than the first and we expect that trend to continue. The solid financial performance of the first six months is reassuring and we are confident of meeting full-year market expectations.”
The company, which is 80 per cent owned by the Government of Dubai via the Dubai World conglomerate, reports its financial results on a like-for-like basis, adjusting for changes in the core business and foreign exchange volatility. Before these adjustments, the rate of growth in the first half was 26 per cent, on a revenue increase of 8.5 per cent.
The company is financially strong. It raised $1bn in the period through a convertible bond, and increased its revolving credit facility to $3bn. “These actions have left us with the flexibility to support growth in our existing business, and expand capacity in line with market demand. Moreover, we have the financial resources to add to our portfolio should favourable assets at attractive prices become available,” Mr Sharaf said.
He added: “The substantial investment programme that we initiated in 2012 is starting to bear fruit as new capacity aids in the delivery of stronger top and bottom line growth. We have made good progress at our recently opened greenfield projects in Embraport, Brazil and London Gateway, and we look forward to adding a further 8 million TEU [container capacity units] to our portfolio over the next two years, providing further opportunity for growth.
“Crucially, our balance sheet remains strong and we continue to generate high levels of cashflow, 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 as well as delivering enhanced returns to shareholders over the medium term,” he added.
Sultan bin Sulayem, the DPW chairman, said: “The addition of new capacity and a pick-up in global trade has resulted in a return to robust volume growth, which has translated into an impressive financial performance.”
However, DP World shares – traded on the Nasdaq Dubai and London Stock Exchange markets – fell by about 4 per cent in the course of the day on big trading volumes. One analyst said: “The half-year figures are fine, and are not the driver of the volumes or price movement. I believe there has been a programmed account seller in the market in the course of the day.”
The share volatility also coincided with a reweighting of the UAE market index by MSCI, the compilers. DP World is one of the largest constituents of the index.
fkane@thenational.ae
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Dubai Rugby Sevens
November 30, December 1-2
International Vets
Christina Noble Children’s Foundation fixtures
Thursday, November 30:
10.20am, Pitch 3, v 100 World Legends Project
1.20pm, Pitch 4, v Malta Marauders
Friday, December 1:
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KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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The%20specs
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The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
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LEADERBOARD
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Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
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Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Schedule
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
Cricket World Cup League 2
UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
Lost to Oman by 12 runs
Beat Namibia by 43 runs
UAE fixtures
Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium
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SPECS
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Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
CONFIRMED%20LINE-UP
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