Friday , 24 January 2020
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DP World announced revenue growth of 32% from its global portfolio of 42 marine terminals for the year ended 31 December 2007, to reach a total of US$2.73bn. EBITDA increased by 56% to US$1.1bn, with margins increasing to 40.3%. After-tax profits for the year increased by 52% to US$420m, while net cash from operating activities amounted to almost US$1bn.

Revenues up 32% at DP World

“This outstanding result 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,” said DP World chairman Sultan Ahmed Bin Sulayem.

“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,” he added.

DP World chief executive Mohammed Sharaf commented: “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, 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 eighth largest port, handling a record 10m teu.”

In all, DP World handled more than 43.3m teu in 2007, an increase of 18% over 2006. It now has a global capacity of more than 54m teu, and this is set to increase significantly in coming years with a pipeline of expansion and development projects in key growth markets, including India, China and the Middle East.