Dubai-based global marine terminal operator DP World has announced strong financial results from its global portfolio for the 12 months ending 31 December 2016, which saw the company achieve net income of over $1 billion for the first time.
On a reported basis, revenue grew 4.9 per cent and adjusted Ebitda ($2.263 billion) increased 17.4 per cent with adjusted Ebitda margin of 54.4 per cent, delivering profit attributable to owners of the company, before separately disclosed items, of $1.127 billion, up 27.6 per cent, and EPS of 135.7 US cents, said a statement from the company.
On a like-for-like basis, revenue grew 1.3 per cent, adjusted Ebitda increased by 6.6 per cent with adjusted Ebitda margin of 52.6 per cent, and attributable earnings increased 6.2 per cent, it added.
The company reported a revenue of $4.163 billion, a growth of 4.9 per cent supported by full year contribution of Jebel Ali Free Zone (UAE) and Prince Rupert (Canada). Like-for-like revenue increased by 1.3 per cent driven by a 2.3 per cent increase in containerised revenue.
The group reported a volume growth of 0.4 per cent despite challenging markets. Containerised revenue per TEU (twenty-foot equivalent unit) grew 4 per cent and total revenue per TEU by 3 per cent on a like-for-like basis.
The group raised $1.2 billion in a new 7-year sukuk transaction at significantly improved terms, refinancing $1.1 billion of the existing 2017 sukuk through a tender offer and extending the debt maturity profile.
Furthermore, it raised £650 million 20- and 30-year multi tranche term financing placed with pension funds, insurance companies and financial institutions for London Gateway Port, and Canadian $603 million 7-year bank loan for the Canadian business. This further extends the debt maturity profile and reduces the refinancing risk of DP World.
By the end of 2016, gross global capacity was at 85 million TEU, an increase of approximately 15 million TEU since 2012, and the gourp expects over 100 million TEU of gross capacity by 2020, subject to market demand.