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DP World delivered a 10% increase in profits to US$749m in year 2012 mainly due to strong performances from its global operations.

DP World’s profits up in 2012

According to the company, revenue of US$3,121m was 5% ahead of the prior year driven by strong growth in the Middle East, Europe and Africa region representing its ability to improve revenue from both its container and non-container operations even with the tougher operating environment in some markets.

Adjusted EBITDA increased to $1,407m and 45.1% respectively through improved efficiencies and productivity, which led to higher utilisation and EBITDA margin particularly in the Asia Pacific and Indian Subcontinent region and the Middle East, Europe and Africa region.

DP World continues to improve cash generation with net cash from operating activities at Us$1,231m helping reduce net debt to US$2.9bn and strengthening its balance sheet.

DP World Chairman, Sultan Ahmed Bin Sulayem commented; “Delivering this improvement in profits during what has been a challenging operating environment shows that our portfolio is focused on the right markets, and on delivering the right operations and service to our customers.

“This year, we have continued to actively manage our portfolio to maximum advantage, divesting non-core or low return assets. This has enabled us to move capital into those markets where we see more profitable returns whilst strengthening our capital base.”

Mohammed Sharaf, DP World’ Group CEO added, “Whilst the operating environment has remained challenging in some of our regions, it is the strength of our operations in Africa, Middle East, South America and Asia that has supported our improvement.”

“Last year was also an important period in terms of progressing the delivery of four major development projects around the world. Over the next two years, we will deliver a further 10m teu of new capacity. The first of this will come on stream in the next few months at Jebel Ali (UAE), with Embraport (Brazil) and London Gateway (UK) opening later this year. The fourth, the new terminal at Jebel Ali, is well underway and set to open next year.  We are in no doubt that the delivery of this new capacity will be transformational for DP World over the medium term.

“Operating conditions in each of our markets in the first two months of 2013 have been consistent with those experienced at the end of last year and the economic environment continues to remain uncertain.

“We remain confident about the long term outlook of our industry and remain well positioned to deal with a changing economic environment as well as continue to focus on our established high standards of service to customers.”