DP World announces strong financial results
Strong financial results from its global portfolio of marine terminals have helped DP World post a profit of $604 million for the twelve months to 31 December 2013.
The Dubai-headquartered global marine terminal operator says growth was 26.6% ahead of last year on a like-for-like basis.
Group CEO Mohammed Sharaf says DP World has reported another set of robust financial results for 2013, despite facing many challenges over the last year.
“We believe like-for-like revenue growth above 3.5 per cent, 9.0 per cent like-for-like EBITDA growth, 26.6 per cent like-for-like EPS growth and a 47.6 per cent like-for-like adjusted EBITDA margin is a resilient performance given some of the challenges that we have faced,” Sharaf said.
“We remain on track and on budget with respect to our 2012-2014 $3.7 billion capital expenditure programme,” Sharaf added.
During 2013, DP World opened its new state of the art facility at London Gateway (UK) and Embraport (Brazil), while adding 1 million-teu of much needed new capacity in the UAE.
“We are encouraged by the performance of our new operations and in 2014 we look forward to adding further capacity at Jebel Ali (UAE) and Rotterdam (Netherlands),” Sharad said.
The opening of Jebel Ali’s Terminal 3 will add another 4 million-teu and take total capacity to 19 million-teu.
“We continue to manage our portfolio actively, having monetised some of our assets in Hong Kong this year and we expect to recycle this cash into projects that will return higher growth on our capital employed. Crucially our balance sheet remains strong, which provides us with the flexibility to invest in the future growth of our current portfolio, and to make new investments should the right opportunities arise, enhancing returns to shareholders over the medium term,” Sharaf said.
Looking ahead, the DP World Group CEO says while the outlook in some regions remains challenging, his company has demonstrated its ability to remain profitable despite these headwinds.
‘’We have made an encouraging start to 2014 and, for the year as a whole and beyond, we expect to see a return to normalised volume growth driven by the addition of new capacity in our portfolio and a gradually improving macro environment. We continue to focus on delivering efficiencies, containing costs and handling higher margin containers to drive profitability. Our business is well positioned for growth and we believe we are well placed to continue to outperform the market.”