DP World like-for-like growth grows 25%

Marine terminal operator, DP World says it will continue to build on strong 2014 by focusing on maximising financial returns, building supply chains and developing more sustainable economic growth
DP World like-for-like growth grows 25%

DP World has announced strong financial results from its global portfolio of marine terminals for 2014.

Like-for-like revenue grew 11.3 percent and adjusted EBITDA increased 16.0 percent, delivering profit attributable to owners of the company, before separately disclosed items, of $675 million, up 25.1 percent on a like-for-like basis, and EPS of 81.4 US cents.

Commenting on the financial results, Sultan Ahmed Bin Sulayem, DP World Chairman said: "We have ambitious strategic goals to maximise financial returns, strengthen global supply chains and create sustainable economic growth around the world. Our performance in 2014, whereby we outperformed the industry, illustrates that our strategy is bearing fruit as we benefitted from increased volumes across our global portfolio, including Embraport in Brazil and London Gateway in the UK which came on stream in 2013."

In a statement, DP World also added that the acquisition of the Jebel Ali Freezone and the opening of the semi-automated terminal will allow the company to further consolidate their competitive position and add two million teu of new capacity in the UAE. This will also allow them to handle more next generation vessels.

“2015 is expected to be a busy year for new project as we add approximately eight million teu of capacity including new facilities at Yarimca (Turkey), Nhava Sheva (India) and Rotterdam (Netherlands), with further additions to capacity at Jebel Ali Terminal 3 (UAE),” said group chief executive, Mohammed Sharaf.

“We have made an encouraging start to 2015 and current trading is in line with group expectations. Whilst macro-economic conditions and geopolitical issues across some locations remain uncertain, we believe our portfolio is well positioned to deliver volume growth in line or slightly ahead of the market this year.”

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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