DP World announces preliminary results for 2007
DP World today announced excellent results from its portfolio of 42 marine terminals for the year ended 31 December 2007 – a year that included significant growth for the company.
New developments were won and planned capacity expansions came on line, allowing DP World to keep pace with the expanding needs of its customers globally.
Financial highlights include strong revenue growth of 32% to $2,731m; EBITDA increased 56% to $1,100m with margins increasing to 40.3%; profit after tax for continuing operations for the year increased 52% to $420m; net cash from operating activities of almost $1bn; pro forma earnings per share of 2.26 cents; and dividend of 1.33 cents per share.
DP World Chairman Sultan Ahmed Bin Sulayem said: ‘This is an excellent set of results driven by DP World’s well positioned portfolio which benefits from the strong Asia to European trade routes and the growth of container cargo in the faster growing economies of the emerging markets. This is a trend we expect to continue.
‘This outstanding result, a 52% growth in profits, was achieved at the same time as the company made significant business wins and undertook an initial public offering. DP World also successfully accessed the international debt market for the first time during the year. We have now built an excellent financial platform to support our future growth.
‘DP World continues to invest for the company’s future growth. Taking the capital intensive nature of our business into consideration, but acknowledging that we are a financially strong company with the ability to finance our existing pipeline of 13 new developments, the Board is recommending a greater than expected dividend of 1.33 cents per ordinary share for the full year 2007.
‘Trading in the first two months of 2008 has been strong with throughput well ahead of the same period last year. Whilst it is still early in the year, and growth across global markets remains uncertain, we believe we are well placed to deliver good results this year.’
DP World Chief Executive Mohammed Sharaf said: ’2007 saw DP World move to become a pure port operator. We entered new markets in Africa – Senegal and Egypt – and won approval to develop two new ports in capacity-constrained northern Europe with London Gateway and Maasvlakte 2, Rotterdam.
‘Our volumes increased well ahead of the market during 2007, growing 18% against an expected 12.2% for the global market overall. Our flagship port, DP World Jebel Ali, grew to become the world’s seventh largest port, handling a record 10 million TEU.
‘Our strong financial performance in the first half of 2007 continued into the second half showing profits more than doubling in the second half to report a 2007 profit of $420m for the year. EBITDA growth continued, and our EBITDA margins increased to 40% reflecting higher capacity utilisation, improved efficiencies and productivity across all our terminals.’
