Global marine terminal operator DP World yesterday announced strong financial results from its global portfolio of marine terminals for the twelve months ended 31st December 2014.
Like-for-like revenue grew 11.3% and adjusted EBITDA increased 16.0%, delivering profit attributable to owners of the company, before separately disclosed items of US$675 million, up 25.1% on a like-for-like basis, and EPS of 81.4 US cents.
On the occasion, DP World Chairman, Sultan Ahmed bin Sulayem, commented, "DP World is pleased to announce another set of strong financial results, with double digit top line growth translating into like-for-like attributable earnings growth of over 25%."
He added, "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 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 US$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 on-going 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 2 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 8 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 cashflow, 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.
"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.”