Global container terminal operator DP World has reported a 5% rise in consolidated container volumes in the first half of 2019 and a 0.5% increase in gross volumes attributed to the company's diversified portfolio which helped keep the company afloat despite the global economic uncertainty.
The Dubai-based port operator handled a total of 19.5 million TEUs across its container terminals from the 18.6 million TEUs it handled during the same six-month period in 2018.
Gross throughput was also up in the first half of the year to 35.8 million TEUs from the 35.6 million seen in the comparable period in 2018.
DP World Group chairman and CEO Sultan Ahmed Bin Sulayem credited the company’s strategy and the diversification of its global investment portfolio across energy, maritime and sustainable mobility, for the recorded growth.
The company saw revenue as reported was up by 31.9%, adjusted EBITDA and attributable earnings growth of 21.9% and 26.8% respectively.
“Our half-year financial results have been in line with our expectations," Bin Sulayem said. He highlighted that DP World continues to be guided by deep market understanding, innovation and operational excellence across 45 countries worldwide.
DP World said like-for-like earnings increased 22% in the first half of 2019 and attributable earnings of US$753 million despite the uncertain trade environment.
"While 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 leaves us well placed to deliver full-year results slightly ahead of market expectations,” Bin Sulayem added.