DP World reports profit growth to $ 749 million in 2012

Dubai, March 21, 2013 (WAM) - DP World yesterday 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, whilst continuing to invest in the future growth of the Company." Total dividend of 24 US cents; 10% 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% 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% 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. – Emirates News Agency, WAM