DUBAI: DP World Chairman, Sultan Ahmed bin Sulayem, said that DP World earned double digit growth of over 25 percent till the end of December 31, 2014.
Like-for-like revenue grew 11.3 per cent and adjusted EBITDA increased 16 per cent, delivering profit attributable to owners of the company, before separately disclosed items of $675 million, up 25.1 per cent on a like-for-like basis, and EPS of 81.4 US cents.
On the occasion, Sulayem also said that “DP World is pleased to announce another set of strong financial results.”
He added, “We have ambitious strategic goals to maximize financial returns, strengthen global supply chains and create sustainable economic growth around the world. Our performance in 2014, whereby we out-performed 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.
“The acquisition of the Jebel Ali Freezone will allow us to further consolidate our position as the leading logistics hub in the fast growing Middle East region. This, combined with our ability to add new capacity to our global portfolio, will enable us to deliver both earnings growth and shareholder value over the long term,” he stated.
“The Board of DP World is recommending a total dividend of $195.1 million, or 23.5 US cents per share. We are increasing the dividend from 23.0 US cents despite the acquisition of EZW and our ongoing significant capex programme. The board is confident of the company’s ability to continue to generate cash and support our future growth whilst maintaining a consistent dividend payout.
Group chief executive, Mohammed Sharaf, commented, “This robust set of results was driven by DP World’s long-term strategic approach, the company’s focus on faster growing markets and continued investment in its people, innovation and world class technology, and sustainable investments in new capacity in response to market demand.
“During 2014, we opened the first phase of our new semi-automated terminal at Jebel Ali, adding two million TEU of much needed new capacity in the UAE, which gives us the ability to handle more of the new generation of mega vessels. 2015 is expected to be a busy year for new projects 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).
“Our balance sheet remains strong and we continue to generate high levels of cash flow, which enables us to invest in the future growth of our current portfolio, and gives us the flexibility to make new investments should the right opportunities arise.
