Strong financial results for DP World
DP World has announced strong financial results from its global portfolio for the year ending 31 December 2015.
Its revenue grew by 16.3% and DP World delivered a profit attributable to owners of the company, before separately disclosed items, of $883m.
“We are pleased to announce a strong set of financial results for 2015, reporting earnings growth of 31% year on year, driven by the acquisition of EZW and robust underlying growth,” said Sultan Ahmed Bin Sulayem, DP World Group chairman and CEO.
He added: “This financial performance has been achieved despite uncertain market conditions, which once again demonstrates the well diversified and resilient nature of our portfolio with its focus on high growth markets.”
The volume growth was ahead of the estimated industry growth (1.1%) sitting at 2.7%. The adjusted EDBITDA margin reaches a record high of 48.6% due to improved contribution from higher margin location and EZW acquisition.
This strong adjusted EDBITDA growth resulted in a 30.7% increase in profit attributable to owners of DP world before separately disclosed items.
Sultan Ahmed Bin Sulayem continued: “In 2015, we have invested approximately $5.4 billion with $4.0 billion in acquisitions and $1.4 billion in capex, and this investment leaves us well placed to capitalise on the significant medium to long-term growth potential of this industry.”
“Furthermore, we are pleased to report strong progress with EZW with continued growth as we benefit from operating an integrated logistics hub.”
The report also commented on the continued investment in high quality long-term assets to drive long-term profitable growth.
It noted that Mumbai in India and Yarmica in Turkey both added 800k teu of capacity each.
DP World predicted that by the end of 2016 it will have approximately 86m teu of gross global capacity, which is an increase of around 15m teu in four years.
It also expected capital expenditure this year to be between $1.2bn and $1.4bn with investment planned into Jebel Ali and Jebel Ali Freezone, UAE, London Gateway in the UK and Prince Rupert in Canada.
“We remain on course to deliver over 100 million TEU of capacity by 2020, while maintaining the existing shape of our portfolio that has a 70% exposure to origin and destination cargo and 75% exposure to faster growing markets. This positioning should enable us to deliver attractive earnings growth and shareholder value over the long term,” concluded Sultan Ahmed Bin Sulayem.
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