• 2019 March 16 11:32

    DP World reports 20% revenue growth in 2018

    Global trade enabler DP World today announces strong financial results for the year ended 31 December 2018. On a reported basis, revenue grew 19.8% and adjusted EBITDA increased 13.7% with adjusted EBITDA margin of 49.7%, delivering profit attributable to owners of the Company, before separately disclosed items[1], of $1,270 million, up 5.1%, and EPS of 153.0 US cents. On a like-for-like basis, revenue grew 4.2%, adjusted EBITDA increased by 6.6% with adjusted EBITDA margin of 54.1%, and earnings attributable to owners of the Company increased 7.6%.

    Results Highlights

    Revenue of $5,646 million
    Revenue growth of 19.8% driven by acquisition of Drydocks World, Dubai Maritime City (DMC), Cosmos Agencia Maritima, Continental Warehousing Corporation (CWC)and Santos consolidation
    Like-for-like revenue increased by 4.2% driven by a 6.3% increase in total containerized revenue.
     
    Adjusted EBITDA of $2,808 million and adjusted EBITDA margin of 49.7%
    Adjusted EBITDA grew 13.7% and achieved an EBITDA margin for the full year of 49.7%. Like-for-like adjusted EBITDA margin was at 54.1%.
     
    Profit for the period attributable to owners of the Company of $1,270 million
    Strong adjusted EBITDA growth resulted in a 5.1% increase in profit attributable to owners of the Company before separately disclosed items on a reported basis and 7.6% growth on a like-for-like basis at constant currency.

    Strong cash generation and robust balance sheet
    Cash from operating activities was $2,161 million.
    Free cash flow (post cash tax maintenance capital expenditure and pre-dividends) amounted to $1,811 million.
    Leverage (Net Debt to adjusted EBITDA) at 2.8 times.

    Total dividend per share increased by 4.9% to 43 US cents
    Ordinary dividend increased by 4.9% to 43 US cents to reflect earnings growth in 2018.

    Disciplined investment in high quality long-term assets to drive long-term profitable growth, and create long-term value for shareholders
    Capital expenditure of $908 million invested across the portfolio during the year, below the Group’s guidance of approximately $1,400 million in 2018.
    In 2018, gross global capacity was at 90.8 million TEU. Consolidated capacity was at 49.7 million TEU

    The acquisitions of Drydocks, DMC, CWC, Cosmos Agencia and Unifeeder are performing in line with expectations and we have seen increased contribution to our revenue line.
    We expect capital expenditure in 2019 to be up to $1.4 billion with investment planned mainly into UAE, Posorja (Ecuador), Berbera (Somaliland), Dakar (Senegal) and Sokhna (Egypt).

    Continued investment in Ports and Logistics
    DP World continued to invest in solution providers and acquired the integrated multimodal logistics player Continental Warehousing Corporation (CWC) in India, Cosmos Agencia Marítima in Peru, and the Unifeeder Group in Denmark, which operates the largest container common user feeder and growing shortsea network in Europe. We have also announced the acquisition of the pan-European logistics business, P&O Ferries.[8]
    Aside from our investments in solution providers, we won a 30-year concession for the management and development of a greenfield port project at Banana in the Democratic Republic of the Congo. We announced the acquisition of two ports in Chile8, which will allow us to serve cargo owners at five major gateway terminals in the west coast of South America. We have also consolidated our position once again in Australia8, where there is an opportunity to expand beyond the ports into logistics.

    Global trade to grow but outlook remains uncertain
    Global trade continued to grow despite trade dispute and geopolitical challenges.
    We continue to focus on maintaining our disciplined approach to investment to ensure we remain the trade partner of choice as well as strengthening our product offering to play a wider role in the global supply chain as a trade enabler.
    Looking ahead into 2019, we expect to continue to deliver growth and see increased contributions from our new investments.

    DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented:

    “DP World is pleased to report like-for-like earnings growth of 7.6% in 2018 and attributable earnings of $1,270 million. Adjusted EBITDA grew 13.7% to $2,808 million with margins at 49.7% on a reported basis and 54.1% on a like-for-like basis. This robust performance has been delivered in an uncertain trade environment, once again highlighting the resilience of our portfolio.

    We have made good progress in delivering on our strategy of strengthening our portfolio to become a global solution provider and trade enabler with approximately $2.5[9]billion worth of acquisitions announced in the year. These acquisitions offer strong growth opportunities and enhance DP World’s presence in the global supply chain as we continue to diversify our revenue base and look at opportunities to connect directly with the owners of cargo and aggregators of demand.

    Going forward, we aim to integrate our new acquisitions and drive synergies across the portfolio with the objective of removing inefficiencies in global trade, improving the quality of our earnings and driving returns.

    The Board of DP World recommends increasing the dividend by 5% to $ 365.9 million at 43 US cents per share, which is in line with past policy of maintaining a payout ratio of approximately 30%. 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.

    Current year has started with trading in line with expectations and whilst the near-term outlook remains uncertain with the trade war and geopolitical headwinds, we expect our portfolio to remain resilient and see increased contributions from our recent acquisitions and investments.”




2019 March 26

15:04 European Parliament adopts final agreement on the Connection Europe Facility for 2021-2027
14:51 LNG Terminal in Świnoujście accepts fourth LNG spot cargo delivery this year
14:39 NORDEN sells 4 dry cargo vessels
14:27 LOTOS and PGNiG: first commercial bunkerings of ships with LNG in Polish seaports
13:54 Orekhovo-Zuyevo, missile ship of RF Navy’s Black Sea Fleet, headed for Mediterranean under combat training plan
13:29 Phase 2 of Krievu Island project receives GRAND PRIX at Latvian Builders Association’s 2018 Annual Awards
13:02 Van Oord posts results for 2018
12:46 Sergey Karataev appointed General Director of Freight One JSC
12:20 Damen Verolme Rotterdam completes refit of drilling rig Stena Don
11:35 Rosmorport to hold an auction to sell its МСП-90 boom-laying boat
11:11 16 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 25-26
10:49 Rosmorport to hold an auction to sell its Leader pilot boat
10:13 Brent Crude futures price is up 0.13% to $66.9, Light Sweet Crude – up 0.65% to $59.20
09:44 MABUX: Bunker Market this morning, March 26
09:22 Baltic Dry Index is down to 689 points
09:07 TenneT awarded a framework agreement to Jan De Nul Group for repairs of TenneT’s offshore high-voltage cables
08:07 Berths for inland shipping now operational in Afrikahaven at the port of Amsterdam
07:41 GTT grants certification to SVEZA Group for production of plywood for Mark III containment system

2019 March 25

18:00 Navis N4 TOS selected to enhance terminal operations at North Carolina Ports
17:50 Increased safety for pilots boarding in Solent with new weather station
17:45 EMAR Offshore Services welcomes Damen ASD Tug 2811
17:25 Three basins of Russia’s IWW prepared for navigation season of 2019
16:48 Krasnoye Sormovo shipyard signs contract on construction of 11 dry cargo carriers for STLC
15:52 Kenia host 6th Annual East Africa Transport and Infrastructure conference on 13-14 May 2019
15:26 UK Hydrographic Office works with Seychelles government to help tackle piracy in the Indian Ocean
15:04 Yang Ming reports financial results for 2018
14:03 Closing of MacGregor's TTS acquisition postponed to Q2 2019
13:10 ArcelorMittal and Dow start trials for a new CO2 project in North Sea Port
12:39 Average wholesale prices for М-100 HFO up to RUB 19,562 in RF spot market
12:05 Port of Antwerp updates figures for 2018
11:47 The Maritime Standard swings into 2019
11:30 Damen Shipyards Den Helder signs order with Netherlands’ Defense Material Organization for Expeditionary Survey Boat
11:21 Working group on construction of Nizhegorodsky hydrosystem established under auspices of RF Transport Ministry
11:12 MABUX: Bunker Market this morning, March 25
11:04 IMO-executed GloFouling project kicks off to protect marine biodiversity
10:36 Windpark Fryslân awards contract to Van Oord and Siemens Gamesa to build wind farm
10:30 Polarcus announces redelivery of Vyacheslav Tikhonov
10:00 Keppel finalizes the rig construction contract with Awilco Drilling for the construction of semisubmersible drilling rig
09:56 Throughput of Chinese sea and river ports grew by 3.2% to 2.03 billion tonnes in 2M’2019
09:34 Brent Crude futures price is down 0.64% to $66.32, Light Sweet Crude – down 0.76% to $58.59
09:15 Baltic Dry Index is down to 690 points

2019 March 24

16:29 VARO and GoodFuels extend partnership to scale Bio Fuel Oil availability to deep sea segment in ARA Region
15:13 New Kongsberg Maritime application enables Bureau Veritas to successfully complete the first ‘DP Digital Survey’
14:27 ESVAGT increases presence in dynamic offshore wind market
13:03 Semco secures EPCI contract with Total as part of the Tyra Redevelopment Project
12:01 Safe Scandinavia option restructure and extension

2019 March 23

16:03 NCL announces plans for new staff training facility
15:54 ABP Humber provides land to support KIA expansion
14:22 SeaPlanner to support marine coordination for Taiwan's Formosa I offshore wind farm
13:31 Høglund awarded fuel-gas supply systems contract for six Hurtigruten passenger ships retrofits
12:25 McDermott secures substantial offshore EPCI contract in the Middle East
11:21 MacArtney provide Active Heave Compensated MERMAC winch solution to Alcatel Submarine Networks for planned subsea offshore operations

2019 March 22

18:06 GE and Nedstack enter into a partnership to develop hydrogen fuel cell power systems for cruise vessels
17:57 Fitch affirms Deloports rating at 'BB-' with stable outlook
17:36 Samsung Heavy Industries receives a LNGC order
17:05 Maritime Union of Australia issues notice of legal rolling industrial actions at DP WORLD terminals in Australia
16:44 Maersk partners with global companies to trial biofuel
16:44 NATO allied nations from last year’s NATO Summit to attend Unmanned Maritime Systems Technology 2019
16:22 15th edition of Expomaritt Exposhipping Istanbul to be held 2-5 April 2019
16:05 Dutch Sustainable Growth Coalition partners with Maersk in world's largest maritime biofuel pilot