73.0 US cents. On a like-for-like basis, revenue grew 3.0% and adjusted EBITDA increased by 7.0%, adjusted EBITDA margin of 54.8%, attributable earnings up by 15.8%, reflecting the improved trading environment.

RESULTS HIGHLIGHTS

• REVENUE OF $2,295 MILLION (REVENUE GROWTH OF 9.6% ON REPORTED AND 3.0% ON LIKE-

  FOR-LIKE BASIS)

  • Revenue growth of 9.6% supported by the strong volume growth across all three DP World

    regions.

  • Like-for-like revenue increased by 3.0% driven by a 4.2% increase in total containerized

revenue.

1. Before separately disclosed items (BSDI) primarily excludes non-recurring items. DP World reported a loss in separately disclosed items of $63 million.
2. Like-for-like at constant currency is without the addition of new capacity at Berbera (Somaliland), Limassol (Cyprus), Saint John (Canada), ISS (Pakistan), CXP(Peru), Yarimca (Turkey) and normalizes for PNC (South Korea) consolidation.
3. Gross throughput is throughput from all consolidated terminals plus equity-accounted investees. 4 Consolidated throughput is throughput from all terminals where the group has control as per IFRS.

1. Adjusted EBITDA is Earnings before Interest, Tax, Depreciation & Amortisation including share of profit from equity-accounted investees before separately disclosed items.
2. The adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue, including our share of profit from equity-accounted investees.

7 Like-for-like adjusted EBITDA margin.

• ADJUSTED EBITDA OF $1,225 MILLION AND ADJUSTED EBITDA MARGIN OF 53.4% (LIKE-FOR-

  LIKE ADJUSTED EBITDA MARGIN AT 54.8%)

  • Adjusted EBITDA grew 4.2% and EBITDA margin for the half year reached 53.4%. Like-for-like

    adjusted EBITDA increased at a stronger pace of 7.0% resulting in a margin of 54.8%.

• PROFIT FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE COMPANY OF $606 MILLION

  • Strong adjusted EBITDA growth resulted in a 15.8% increase in profit attributable to owners

    of the Company before separately disclosed items on a like-for-like basis but on a reported basis earnings remained flat (-0.3%).

• STRONG CASH GENERATION AND ROBUST BALANCE SHEET AND CREDIT RATING UPGRADE

  • Cash from operating activities amounted to $1,009 million up from $905 million in 1H2016.
  • Leverage (Net debt to annualised adjusted EBITDA) decreased to 2.6 times (from 2.8 times at

    31 December 2016).

  • DP World was recently upgraded by Fitch Ratings to BBB+ from BBB with stable outlook, after

    both Fitch and Moody’s upgraded the rating by one notch last year.

• CONTINUED INVESTMENT IN HIGH QUALITY LONG-TERM ASSETS WITH STRONG SUPPLY/DEMAND DYNAMICS

  • Capital expenditure of $595 million invested across the portfolio during the first half of the year.
  • Capital expenditure guidance for 2017 remains unchanged at $1.2 billion with investments

    planned into Jebel Ali (UAE), London Gateway (UK), Prince Rupert (Canada) and Berbera (Somaliland).

  • DP World subsidiary, P&O Maritime, acquired Spanish Maritime Service operator Reyser to

    further develop the Group’s maritime offering as well as adding complementary or related services to further diversify and strengthen our business.

• REBOUND IN GLOBAL TRADE AND MARKET SHARE GAINS

  • Improved trading environment in first half of 2017 and market share gains from the new

    shipping alliances driving volumes in the second quarter of the year.

  • Robust performance across all three regions.
  • Well placed to meet full year 2017 market expectations.

DP WORLD GROUP CHAIRMAN AND CEO, SULTAN AHMED BIN SULAYEM, COMMENTED:

“DP World is pleased to announce a solid set of first half results with attributable earnings of

$606 million, and like-for-like earnings growth of 15.8%. Adjusted EBITDA reached $1,225 million as margins were maintained at above 50%. Encouragingly, after a challenging period, we have seen a pick-up in global trade particularly in the second quarter of the year, and that combined with the ramp up in our recent investments in Yarimca (Turkey), London Gateway (UK), Rotterdam (Netherlands) and JNP Mumbai (India), has delivered ahead-of-market volume growth.

“In the first half of 2017, we have invested $595 million of capex in key growth markets, and announced over $170 million of acquisitions in our maritime business, which offers significant growth opportunities. These investments leave us well placed to deliver on our strategy to strengthen our port related services and capitalize on the significant medium to long-term growth potential of this industry.

“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.

“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.”