• 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 July 21

13:04 Odfjell SE sells its ownership share of terminal in Jiangyin, China
12:32 Quark Expeditions debuts new livery and interior design for Ultramarine
11:02 NYK selected for FTSE4Good Index for 17th straight year and FTSE Blossom Japan Index for 3rd consecutive year

2019 July 20

15:47 FortisBC secures first export contract for Tilbury LNG facility
13:42 AIDA Cruises plans practical trial of fuel cells abord one of its ships as early as 2021
12:51 Ports of Long Beach, Los Angeles host Clean Truck Program Rate Workshop
11:37 USCG responds to oil slick near Port Aransas, Texas
10:56 Wallem introduces cloud-based software for simpler workflows

2019 July 19

18:10 NYK holds fleet safety promotion conferences for shipowners and ship-management companies
18:04 Incat Tasmania exports new 111 metre ferry to Spain
17:49 World's largest air-cushioned landing craft takes part in Navy Day parade rehearsal in Baltiysk
17:25 Caspian Flotilla ship crews prepare for Naval Parade
17:03 FortisBC secures first export contract for Tilbury LNG facility
16:22 Project documentation for construction of Nizhny Novgorod hydroengineering facility completed - Victor Vovk
16:03 CMA CGM announces GRR from Asia to East and South Africa
15:50 East Mining Company to invest RUB 11.5 billion in development of its coal project in Sakhalin
15:33 Moby names Damen ASD Tug 2813 Vincenzino O. in Cagliari
15:12 Cargotec posts financial report for January–June 2019
14:47 Blagoveshchensk shipyard completed state trials of hydrographic survey vessel of Project 19910
14:33 NYK recognized for implementation of advanced navigation support tool
14:12 Global Ship Lease announces new charter agreement
13:51 150 graduates of Moscow State Water Transport Academy awarded with diplomas
13:30 RF Government includes NOVATEK’s LNG terminal project into area planning scheme
13:12 Port of Long Beach releases draft Master Plan update
13:07 Epic Gas Ltd. completes acquisition of two vessels of four LPG carriers
12:24 USCG finds federal fisheries violations aboard 5 recreational fishing vessels
12:11 IMO Council condemns tanker attacks in Strait of Hormuz and Sea of Oman
11:31 Naval Group reports order intake growth in H1 to 3.9bn euro
11:14 Ice-breaking LNG carrier for Yamal LNG Project named NIKOLAY URVANTSEV
10:58 Minister of Transport of Malaysia visits World Maritime University
10:26 Saudi Arabia accedes to two important IMO treaties
09:55 Bunker prices are slightly down at the port of Saint-Petersburg, Russia (graph)
09:50 MABUX: Bunker market this morning, July 19
09:33 Brent Crude futures price is up 1.91% to $63.11, Light Sweet Crude – up 1.48% to $56.12
09:16 Baltic Dry Index is up to 2,130 points

2019 July 18

18:05 Future expectations for MPS Terminal 3 in the port in Tema outlined with Government delegation
17:24 PGNiG acquires interest in another gas field in the North Sea
17:18 DNV GL supports 2020 sulphur compliance with online Ship Implementation Plan
17:05 OOCL announces new Middle East / Indian Subcontinent – North Europe Service
16:35 Consortium including DEME and Jan De Nul explores pioneering high-wave offshore solar technology
16:07 Large maritime market players join hands to create high-wave offshore solar panels
15:52 State Duma makes it easier for foreign tourists to visit Russia’s Arctic
15:35 Incat Tasmania delivers new 111-metre ferry to Spain operator Naviera Armas
15:18 Hapag-Lloyd launches South-East India – Europe Express Service // IEX to start operations in October 2019
15:01 Operation ATALANTA welcomes ESPS CANARIAS
14:26 Bunker prices are slightly down at the Far East ports of Russia (graph)
14:00 Diana Shipping announces time charter contract for m/v Selina with Ausca
13:44 PortNews Media Group's anniversary celebration photo release
13:22 Aleksey Khaidukov as President of Novoship
13:00 Global Ports Holding invites proposals for Duty Free and Travel Retail operations at Malaga, Zadar, Cagliari and Catania cruise ports
12:47 East Mining Company eyes arranging offshore transshipment of coal in Kamchatka under Tata project
12:09 Wärtsilä posts financial results for January-June 2019
11:53 Construction of LNG-powered icebreakers to be financed by NOVATEK – Vyacheslav Ruksha
11:31 RF Deputy PM Maksim Akimov set a task to begin dredging in the Gulf of Ob not later than on 1 August 2019
11:09 Port of Muuga strengthened with new ferry connection to Finland
10:48 Primorsky MRC terminal to offer fully closed transshipment of loose cargo
10:30 MAN Energy Solutions gets subsea compression FEED order from Chevron
10:09 Port of Lowestoft names new state-of-the-art pilot boat
09:56 MABUX: Bunker market this morning, July 18
09:50 APM Terminals Callao launches Peru’s first digital customer platform