DP World posts $749m profit in 2012

DP World on Wednesday announced financial results from its global portfolio of marine terminals for the twelve months ending 31 December 2012.DP World Chairman, Sultan Ahmed Bin Sulayem commented; “DP World delivered profit for the year of $749 million following a strong year of operational performance from its global operations, prudent financial management and proactive management of assets, while continuing to invest in the future growth of the Company.”Total dividend of 24 US cents; 10 per cent increase in ordinary dividend to 21 US cents per share and special dividend of 3 US cents per share.Revenue of $3,121 million was 5 per cent ahead of the prior year driven by strong growth in the Middle East, Europe and Africa region representing our ability to improve revenue from both our container and non-container operations even with the tougher operating environment in some of our markets.Adjusted EBITDA and adjusted EBITDA margin increased to $1,407 million and 45.1 per cent respectively. Our focus on improving customer service through improved efficiencies and productivity has 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 $1,231 million. This has helped reduce net debt to $2.9 billion and strengthen our balance sheet, positioning us strongly as we continue to invest in quality long term assets.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.“It is our actions today, whether investing for growth, actively managing our portfolio of assets or strengthening our balance sheet that will allow us to deliver higher returns for our shareholders over the medium term