Dubai-based marine terminal operator DP World has announced robust financial results for 2019 with its revenue surging by 36.1 per cent to hit $7.68 billion compared to $5.6 billion the previous year.
Unveiling the results for the year ended December 31, 2019, DP World said the adjusted EBITDA increased 17.7 per cent, with an adjusted ebitda margin of 43 per cent.
The delivered profit attributable to the owners of the company, before separately disclosed items, was $1.32 billion, up 4.6 per cent and EPS of 160 US cents.
Impressed with the results, the company's board has recommended a dividend of $332 million (40 US cents per share), which is in line with the past policy of maintaining a payout ratio of at least 20 per cent.
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said: "DP World is pleased to report a like-for-like earnings growth of 5.4 per cent in 2019 and attributable earnings of $1.32 billion. The adjusted ebitda grew 17.7 per cent to $3.3 billion, with margins at 43 per cent on a reported basis and 49.6 per cent on a like-for-like basis."
"This performance has been delivered in an uncertain trade environment, once again highlighting the resilience of our portfolio," he stated.
"We have continued to make progress on our strategy to deliver integrated supply chain solutions to cargo owners and have focused our efforts on building end-to-end capabilities for several verticals, including the automotive, oil and gas and FMCG industries," he added.
"More recently, after much deliberation, DP World has taken the decision to announce its plans to de-list its equity from the stock exchange and return to private ownership. Following the planned delisting, the leverage on the balance sheet will rise temporarily but we are confident of de-leveraging as we remain committed to a strong investment-grade rating in the medium term," remarked Bin Sulayem.
"Our immediate focus is to integrate our acquisitions and explore synergies with the objective of providing a range of smart end-to-end solutions which will improve the quality of our earnings and drive returns," he added.
Speaking about the near-term outlook remaining a cause for concern with global trade disputes, the Covid-19 outbreak and regional geopolitics disrupting trade, Bin Sulayem said, "DP World is well-positioned to respond in the short term by focusing on disciplined investment and managing the cost base to protect profitability."
"Overall, we remain positive on the medium to the long-term outlook of the industry," he added
Unveiling the results for the year ended December 31, 2019, DP World said the adjusted EBITDA increased 17.7 per cent, with an adjusted ebitda margin of 43 per cent.
The delivered profit attributable to the owners of the company, before separately disclosed items, was $1.32 billion, up 4.6 per cent and EPS of 160 US cents.
Impressed with the results, the company's board has recommended a dividend of $332 million (40 US cents per share), which is in line with the past policy of maintaining a payout ratio of at least 20 per cent.
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said: "DP World is pleased to report a like-for-like earnings growth of 5.4 per cent in 2019 and attributable earnings of $1.32 billion. The adjusted ebitda grew 17.7 per cent to $3.3 billion, with margins at 43 per cent on a reported basis and 49.6 per cent on a like-for-like basis."
"This performance has been delivered in an uncertain trade environment, once again highlighting the resilience of our portfolio," he stated.
"We have continued to make progress on our strategy to deliver integrated supply chain solutions to cargo owners and have focused our efforts on building end-to-end capabilities for several verticals, including the automotive, oil and gas and FMCG industries," he added.
"More recently, after much deliberation, DP World has taken the decision to announce its plans to de-list its equity from the stock exchange and return to private ownership. Following the planned delisting, the leverage on the balance sheet will rise temporarily but we are confident of de-leveraging as we remain committed to a strong investment-grade rating in the medium term," remarked Bin Sulayem.
"Our immediate focus is to integrate our acquisitions and explore synergies with the objective of providing a range of smart end-to-end solutions which will improve the quality of our earnings and drive returns," he added.
Speaking about the near-term outlook remaining a cause for concern with global trade disputes, the Covid-19 outbreak and regional geopolitics disrupting trade, Bin Sulayem said, "DP World is well-positioned to respond in the short term by focusing on disciplined investment and managing the cost base to protect profitability."
"Overall, we remain positive on the medium to the long-term outlook of the industry," he added
Source Link: www.tradearabia.com
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