Arab Today, arab today dubai’s dp world posts 18 surge
Last Updated : GMT 00:13:47
Arab Today, arab today
Arab Today, arab today

Dubai’s DP World posts 18% surge

Arab Today, arab today

Arab Today, arab today Dubai’s DP World posts 18% surge

Dubai - Arabstoday

Dubai-based ports operator DP World today announced an 18 per cent increase in its profits for 2011, from $450 million in 2010 to $532 million last year. In a statement posted on Nasdaq Dubai bourse’s website, the global ports operator said it had delivered “a better than expected profit attributable to owners of the company before separately disclosed items of $459 million, 23 per cent ahead of last year.” “DP World delivered an excellent improvement in profitability during 2011 reporting profit for the year before separately disclosed items of $532 million,” said Sultan Ahmed bin Sulayem, DP World’s Group Chairman. “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 and gateway cargo. This is also a reflection of our ability to meet our customers’ needs for the right capacity in the right locations and deliver a world class efficient service to ensure we are the port operator of choice around the world,” he added. DP World’s adjusted EBITDA for 2011 was $1,307 million, with adjusted EBITDA margin of 43.9 per cent. When compared with the prior year, the company said underlying adjusted EBITDA growth was 19 per cent, ahead of underlying revenue growth of 14 per cent and underlying container volume growth of 9 per cent. “We have delivered a sustainable improvement in underlying container revenue per TEU of 5 per cent, increased underlying non-container revenue by 11 per cent and delivered a reduction in our underlying cost per TEU following productivity improvements in parallel with our ongoing discipline around costs,” the statement said. “Since the decline in global container volumes in 2009, DP World has worked hard to build a more robust and profitable portfolio. We have also continued to invest in our business through the downturn. Our 2011 results reflect this, with a 55 per cent improvement in profit attributable to owners of the company before separately disclosed items since 2009, as our investments in new terminals mature and we benefit from the inherent operating leverage of our portfolio,” bin Sulayem said. “On account of this strong improvement in underlying profit combined with the additional profit from the Australia monetisation, the Board of DP World is recommending an increased dividend distribution to $199 million, or 24 US cents per share. The board is confident of the company’s ability to continue to generate cash and support our future growth whilst maintaining a stable dividend payout,” he said. “2011 has been another good year for DP World with the second half of the year delivering a better performance than the first half. This improved performance was achieved despite a deteriorating global economic backdrop in the second half,” said Mohammed Sharaf, DP World’s Group CEO. “We have benefited from the improvement in global container volumes whilst retaining a very clear focus on generating additional revenue, driving productivity and upholding a disciplined approach to cost management. This has resulted in an adjusted EBITDA of $1,307 million and adjusted EBITDA margin ahead of expectations at a record 43.9 per cent,” he said. “We have seen commendable growth throughout our global portfolio and our flagship terminal Jebel Ali (UAE) continues to deliver sustainable EBITDA growth. We have supplemented this solid domestic performance with stronger growth in major terminals outside the UAE as we continue to invest in our portfolio of growth oriented terminals,” Sharaf added. “The global macroeconomic uncertainty has continued into 2012.  With our portfolio focused on the faster growing emerging markets and more stable O&D markets, we continue to see growth across our portfolio in the first two months of the year, with an 11 per cent improvement in gross volume growth. We remain committed to delivering improved operational and financial performance over 2011,” he said. “As we look ahead, we remain confident about the long term outlook for our industry.  We believe our continued investment in existing and new terminals around the world will ensure our portfolio is best positioned to meet the expectations of our customers and should allow us to continue to outperform.” Each of our DP World’s grew in 2011 over the previous year. In the Middle East, Europe and Africa region, adjusted EBITDA grew 9 per cent to $861 million, with an adjusted EBITDA margin of 45.7 per cent. In the Asia Pacific and Indian Subcontinent region, adjusted EBITDA increased 26 per cent to $322 million with a significantly improved adjusted EBITDA margin of 64.5 per cent. The Americas and Australia region delivered adjusted EBITDA of $203 million or, excluding the deconsolidation of the five Australia terminals, on an underlying basis, delivered adjusted EBITDA growth of 37 per cent and improved adjusted EBITDA margins of 33.1 per cent, the company said in the statement. Profit attributable to owners of the company after separately disclosed items was $683 million. This delivered earnings per share (EPS) of 82 cents, considerably ahead of the prior year EPS of 45 cents, due to separately disclosed items increasing profit by $225 million. “With strong conversion of profitability into cash, gross cash flow from operations increased to $1,159 million with net debt reduced to $3,583 million. This was partly as a result of our improved financial performance and partly due to the proceeds from the monetisation of 75 per cent of our Australian terminals. This results in leverage (net debt to adjusted EBITDA) of 2.7 times and provides a solid platform for investing in the future growth of our operations. “We continue to invest in our operations to ensure that DP World is well positioned to take advantage of the growth in global trade and meet the requirements of our customers. During 2011 we completed and opened major capacity expansion projects in Dakar (Senegal) and Karachi (Pakistan) and opened a new terminal at Vallarpadam (India).  Despite these new capacity additions, utilisation remains high, above 80% across our portfolio. High utilisation in Jebel Ali (UAE) is why we will be investing in an additional 1 million TEU of new capacity in 2012 and investing in a new 4 million TEU container terminal which will be operational in 2014.  In addition, we have announced that London Gateway (UK) will be operational in the final quarter of 2013.”

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai’s dp world posts 18 surge Arab Today, arab today dubai’s dp world posts 18 surge

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday