Thursday, August 24, 2017

DP World's global results on pace despite flat first half

With less that one week to go before the celebration of the new Prince Rupert terminal expansion, Dubai based DP World is looking to the second half of 2017 to pick up the financial pace for its global investment portfolio.

The global port operator has released its financial results for the first half of 2017 and despite somewhat flat results for the fourth largest port operator in the world, DP World is expecting to meet it's expectations as the remainder of the year moves forward.

First half revenues world wide for the port operator were up 9.6 percent to 2.29 billion a slight increase from the 2.09 billion that DP World had earned in June of 2016.

As part of their financial review from yesterday, DP World highlighted some of their capital expenditures across their global holdings, noting that they have maintained a 1.2 billion dollar budget for investments planned for the Jebel Ali (UAE) , London Gateway (UK), Berber (Somalia) and Prince Rupert's Fairview port.

“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 as well as delivering enhanced returns to shareholders over the medium term ... 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,”-- Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO

The full overview of the first six months of world-wide operations can be reviewed from this information release from DP World.

The financial press took note of the latest results out of Dubai in the overnight period:

DP World says to meet full-year expectations despite flat first-half results
DP World Traffic up, but profit stalls
DP World H1 2017 revenues grow 9.6%
DP World profit marginally  higher on improved global trade
Dubai's DP World says confident of meeting FY view after flat first half
DP World Reports Strong Growth across all regions

The latest numbers for Fairview Terminal released by the Prince Rupert Port Authority indicate strong numbers out of Prince Rupert, with 918,423 tonnes moved through the terminal in June, compared to 587,068 at this time last year.

Year to date totals have seen 4,228,686 tonnes pass through Fairview so far this year, that compares to the total of 3,673,556 tonnes that had moved at this time last year

The June numbers translate into the movement of 91,842.25 TEU's through June of this year, compared to 58,706.75, making for an increase of 56 per cent.

Imports still dominate over exports, with 51,833.75 TEU's arriving at Fairview in June, while 40,008.50 were exported through the container port that month.

Exports however are growing in stature through the terminal, with a 71 percent increase recorded to date in 2017. Export numbers are split between loaded and empty containers departing Fairview.

DP World and the Port of Prince Rupert will be hosting a community celebration of the northern expansion of the Fairview Terminal on August 29th, you can find more background on what is planned for this coming Tuesday from our item of July 27th.

For more items related to operations at DP World's Prince Rupert Terminal see our archive page here.

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