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DP World posts $604m profit for 2013

Global container terminal operator DP World reported $604 million in net profit for 2013 on Thursday, compared to $555m the year earlier.

“We have again delivered a solid year of financial performance of global operations with like-to-like earnings before interest, tax, depreciation and amortisation (EBITDA) growth of nine per cent. Our EBITDA margin further expanded reaching … 47.6 per cent on a like-to-like basis,” said DP World Chairman Sultan Ahmad Bin Sulayem.

The company delivered its 2013 financial results on a post on the Nasdaq Dubai bourse on Thursday morning with its senior management later holding a press conference in Dubai.

A rise in profits came amid a drop in consolidated throughput and revenues due to tough market conditions and capacity constraints at a number of locations including flagship Jebel Ali Port.

“We continue to deliver operation leverage with revenues growing ahead of throughput, which demonstrate our focus on quality revenues,” Sulayem said.

In 2013, DP World sold its stakes in two container terminals and a logistics centre in Hong Kong for $742m. The sell-off is part of the company’s strategy to focus on emerging markets. It was the container terminal operator’s largest sell-off since divesting its asset in Adelaide, Australia in 2011.