DP World 2011 profit up 18pc to US$532 million, credits emerging markets

2012 03 31


DUBAI's DP World has announced that its global portfolio of marine terminals in 2011 delivered a better than expected profit of US$751 million, an increase of 67 per cent year on year, the company reported.

"This improvement in profitability is a reflection of our strategy, which sees us focus on the faster growing emerging markets and more profitable origin and destination (O&D) and gateway cargo," said DP World chairman Sultan Ahmed bin Sulayem.

The company said in a statement posted on its website that profit attributable to shareholders was $683 million as strong profit growth from operations was supplemented with a one-off gain, including the profit on the monetisation of 75 per cent of its Australian terminals.

Before separately disclosed items of $459 million, 2011 profit amounted to $532 million, up 18 per cent compared to a profit of $450 million in 2010.

Consolidated volumes for the 12 months ending December 31, 2011 amounted to 27.5 million TEU, up an underlying nine per cent year on year, on an underlying 14 per cent revenue growth to $2,978 million. Underlying EBITDA growth was 19 per cent compared to the previous year at $1,307 million, with an adjusted EBITDA margin of 43.9 per cent.

"During 2011, DP World benefited from the improvement in global container volumes whilst retaining a very clear focus on generating additional revenue, driving productivity and managing costs," the company said.

Each of the group's three regions delivered a superior performance when compared with the prior year. In the Middle East, Europe and Africa region, EBITDA grew nine per cent year on year to $861 million. In the Asia Pacific and Indian subcontinent, EBITDA increased by 26 per cent to $322 million.

The Americas and Australia region delivered EBITDA of $203 million or, excluding the deconsolidation of the five Australia terminals, on an underlying basis, delivered an EBITDA growth of 37 per cent.

Source Shipping Gazette - Daily Shipping News
 

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