For the six months to June 30, 2020, DP World reported revenues reached $4.1bn, revenue growth of 17.7% on a reported basis, which was supported by acquisitions. Like-for-like revenue decreased by 11.6%. Adjusted EBITDA totalled $1.5bn but had declined by 4.8% compared to the same period last year, the adjusted EBITDA margin was 37.6% for the first half of 2020. The company’s profit attributable to owners (before separately disclosed items) decreased by 58.5% to $313m on a reported basis but by 34.5% when excluding Emaar land sale in 2019. The company’s operating activities remained strong generating $1.1bn in H1 2020 compared to $1.0bn in H1 2019.
Over the period, DP World de-listed from the equity market and Port and Free Zone World (PFZW), parent of DP World, acquired shares that were not already owned (19.55%) for $2.7bn. DP World is set to continue focusing on its strategy to deliver infrastructure-led supply chain solutions to cargo owners.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented, “The Covid-19 outbreak has undoubtedly resulted in one of the most challenging periods in the history of our industry. Despite the challenges, we have continued to make progress on our strategy to deliver an integrated supply chain solution to cargo owners. We have focused our efforts on digitizing logistics and developed solutions for several verticals including the Automotive, Oil & Gas and FMCG industries.”
Sultan Ahmed Bin Sulayem concluded, “Overall, we are encouraged that our business has performed better than expected given the Covid-19 pandemic and, while the outlook is still uncertain, we remain positive on the medium to long-term fundamentals of the industry.”
Source: DP World
