DP World records strong 2017 results
DP World reported total revenue of $4.7bn and total profit of $1.2bn in 2017, marking increases of 13.2% and 7.3% respectively from 2016.
The company’s financial results for last year revealed that adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 9.1% with an adjusted EBITDA margin of 52.4%, providing earnings per share of 145.6 US cents.
Gross throughput rose 10.1%, with the company adding 3.6m teu of new gross capacity last year and consolidated capacity increasing by 7.3m.
Developments last year included the acquisition of Embraport in Brazil’s Port of Santos, with the terminal being rebranded as DP World Santos, and partnering with the Indian government-sponsored National Investment and Infrastructure Fund to establish an investment platform, with equity up to $3bn, to obtain assets and develop projects in India’s ports, transportation and logistics industry.
Notable regional results for 2017 included the company’s Asia-Pacific and Indian subcontinent region which recorded a 102.1% increase in consolidated throughput and its Australia and Americas region, where the profit share from equity-accounted investees rose by 332.1%.
DP World group chairman and chief executive Sultan Ahmed Bin Sulayem said that the company’s portfolio had observed robust performance across all three regions, benefitting from a better trading environment and market share gains.
“In recent years, we have leveraged on our in-house expertise to extend our core business into port-related, maritime, transportation and logistics sectors, with the objective of diversifying our revenue base and connecting directly with the owners of cargo and aggregators of demand to remove inefficiencies in trade, improve the quality of our earnings and drive returns,” he said.
“Going forward, we expect this trend to continue as we seek opportunities in complementary sectors in the global supply chain and also make use of new technology and data solutions to provide better service to our customers.”
Looking ahead, the company said that despite “geopolitical headwinds in some regions”, it anticipated it would “grow ahead of the market and see increased contributions from our new developments”.
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