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DP World profit leaps 26.6 per cent in 2013

Dubai: DP World reported on Thursday a 26.6 per cent increase in net profits for 2013 to $604 million, compared with $555 million in 2012.

The board of DP World is now recommending a total dividend of $190.9 million, or 23 US cents per share. A 10 per cent increase in the ordinary dividend.

The Dubai-headquartered global terminal operator stated that growth was due to strong performances from operational terminals although it faced capacity constraints with a number of key locations.

The company’s revenue in like-for-like terms jumped 3.6 per cent to $3.073 billion, powered by a 4.6 per cent increase in container revenue per TEU (20ft equivalent units).

“Our portfolio remains well positioned to capitalise on the significant medium to long-term growth potential of this industry due to our continued focus on the faster growing markets and stable origin and destination cargo,” said Sultan Ahmed Bin Sulayem, DP World Chairman.

“This positioning combined with our ability to add new capacity will enable us to deliver both earnings growth and shareholder value over the long term.”

Adjusted EBITDA and EBITDA margin – earnings before interest, tax, depreciation and amortisation – increased to $1.414 billion and 46 per cent, respectively.

In 2013, DP World spent $1.063 billion in capital expenditure, predominately at DP World London Gateway, Embraport, Brazil and the expansion of its flagship Jebel Ali facility in Dubai.

“We remain on track and on budget with respect to our 2012-14 $3.7 billion capital expenditure programme. We are encouraged by the performance of our new operations and in 2014 we look forward to adding further capacity at Jebel Ali and Rotterdam, Netherlands,” said Mohammed Sharaf, DP World Group Chief Executive.

Consolidation volumes in the Australia and Americas region were down by 0.6 per cent in 2013. Overall, revenues in the Australia and Americas region grew by 7.5 per cent to $594 million, with an adjusted EBITDA of $194 million, up 18 per cent.

DP World gross debt sits at $5.035 billion and net debt at $2.464 billion.