DP World has reported a strong start to 2021 in all the three regions serviced by it. The gross container terminal volumes increased 10.2% in 1Q YoY on a reported basis and 9.6% on a like-for-like-basis. The bulk of the growth came from the terminals in India and Australia while that of Jebel Ali (UAE) was up 2.6% YoY. The company had reported resilient financial results for 2020 last month. Revenues were up 11% to $8.5bn and adjusted EBITDA grew 0.4% to $3.3bn with an adjusted EBITDA margin of 38.9%. Cash from operating activities increased 17.8% to $2.9bn from $2.46bn and free cash flow improved 19% to $2.48bn vs $2.06bn in 2019. The company is rated investment grade with Fitch rating it at BBB- and Moody’s at Baa3 with stable outlook. The group’s chairman and CEO Sultan Ahmed Bin Sulayem said that “We are delighted with the strong start to 2021… which is once-again ahead of industry estimated growth of 8.9%.” and added “Encouragingly, all our 3 regions delivered robust growth, with India and Australia being the key drivers.”
DP World’s 6.85% 2037s and 5.625% 2048s were up 0.31 and 0.22 to trade at 134.625 and 122.68 respectively.
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