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Dubai-headquartered DP World achieved net income from its global ports portfolio of more than US$ 1 billion for the first time in 2016, results announced recently show. Revenues were up by 4.9%, while on a like-for-like basis EBITDA profitability was 6.6% higher than in 2015.
Containerised revenue per teu grew by 4% and total revenue per teu by 3% on a like-for-like basis. The adjusted EBITDA margin for the full year reached a new all-time high of 54.4%, reflecting DP World’s acquisition of the Jebel Ali Free Zone last year. Cargo volumes were also up by 3.2%, higher than the full year global average of 1.3%, as projected by Drewry.
DP World Group chairman and chief executive, H.E Sultan Ahmed Bin Sulayem, said, “Our significant cash generation and investment partnerships leaves us with a strong balance sheet and the flexibility to capitalise on the significant growth opportunities in the industry. Overall we continue to believe that a portfolio which has a 70% exposure to origin and destination cargo and 75% exposure to faster growing markets will enable us to deliver enhanced shareholder value over the long term.”
The DP World Board is recommending increasing its dividend by 26.7%, to US$ 315.4 million, or 38 cents per share.
“While 2017 is expected to be another challenging year for global trade, we have made an encouraging start to the year and we expect to continue to deliver ahead-of-market volume growth. Our aim is to continue to generate cash and support our future growth, whilst maintaining a consistent dividend payout,” added Bin Sulayem.
