DP World revenues up by five per cent

marineProfit for the year ended at 10 per cent, amounting to US$749mn, the company said. (Image source: Cécile Geng/sxc.hu)DP World has announced its annual revenues have raised to US$3.12bn, an increase by five per cent, globally in marine terminals for 12 months ending 31 December 2012

Sultan Ahmed Bin Sulayem, DP World’s chairman, said, “DP World delivered profit for the year of US$749mn following a strong year of operational performance from its global operations, prudent financial and proactive management of assets.”

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) hiked to eight per cent or US$1.41bn. Profit for the year ended at 10 per cent, amounting to US$749mn, the company said.

DP World continued to improve cash generation with net cash from operating activities at US$1.2bn. This helped reduce net debt to US$2.9bn.

Sulayem added, “This year, we have continued to actively manage our portfolio to maximum advantage, divesting non-core or low return assets. This has enabled us to move capital into those markets where we see more profitable returns whilst strengthening our capital base.”

“It is our actions today, whether investing for growth, actively managing our portfolio of assets or strengthening our balance sheet that will allow us to deliver higher returns for our shareholders over the medium term.”

Mohammed Sharaf, DP World Group's chief executive, said, “In 2012 we have focused on our existing operations through the delivery of exceptional customer service from improved efficiencies in our terminals. This has allowed us to deliver good revenue growth and manage costs.

“Whilst the operating environment has remained challenging in some of our regions, it is the strength of our operations in Africa, Middle East, South America and Asia which has supported our improvement in adjusted EBITDA to US$1.41bn.”

Saraf added that over the next two years, they would deliver a further 10mn TEU of new capacity. The first of this is expected to come on stream in the next few months at Jebel Ali (UAE), with Embraport (Brazil) and London Gateway (UK) opening later this year. The fourth, another at Jebel Ali, was underway and set to open next year.

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