• 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 March 22

15:30 Hapag-Lloyd announces 2018 results
14:03 ONE unveils enhanced intra-Asia –East India service network for 2019
13:54 Royal IHC to build second TSHD for National Marine Dredging Company
13:41 IMO expands collaborative efforts to promote maritime security
13:17 REMPEITC-Caribe training workshop funded by IMO held in Guyana
12:55 Workshop promoting good practice in spill preparedness and response held in Côte d'Ivoire
12:30 Bunker prices go up at the port of Saint-Petersburg, Russia (graph)
12:03 18 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 21-22
11:42 Gazpromneft – Lubricants starts bunkering with marine oils in Primorsk
11:08 MSC Bellissima, MSC Cruises’ latest newbuild visits Valletta Cruise Port
10:50 Maritime Incubator to be established at the Port of Gdansk
10:49 MABUX: Bunker market this morning, Mar.22
10:29 Baltic Dry Index is down to 695 points
10:08 ZIM net loss up to $119.9 million in 2018
09:51 Brent Crude futures price is down 0.21% to $67.72, Light Sweet Crude – down 0.23% to $59.84
09:23 Manufacturing at the Port of Riga beneficial for both businesses and the Port
09:08 DEME Offshore announces Moray East wind farm Tier One suppliers
08:32 Rhenus establishes its own network in South Africa by acquiring World Net Logistics

2019 March 21

18:05 Dublin Bay Biosphere to host international UNESCO EuroMAB Conference
17:53 Detachment of RF Navy’s Northern Fleet completed transfer through the Suez Canal
17:28 McDermott awarded ethylene contract in Russia
17:05 IMO and Saudi Arabia organize course for members of three key regional maritime security agreements to promote maritime security
16:35 Topaz secures contract extension with BP for 12 vessels in Azerbaijan
16:05 Incat announces construction of a 35m Catamaran Passenger Ferry for Samso Rederi
15:52 Kalmar's Eco Reachstackers and Empty Container Handlers to help Ter Haak Group Amsterdam improve the sustainability of its operations
15:31 Severnaya Verf lays down second processing trawler of Project 170701 for Norebo Holding
15:08 German shipyard Lürssen launches project Fiji yacht named Madsummer
14:39 GoodFuels and REINPLUS FIWADO Bunker fuel first inland vessel on 100% sustainable biofuel
14:13 Incat Crowther 35m ferry for Samso Rederi
13:55 Nuclear-powered container carrier Sevmorput on her first voyage under Arctic LNG 2 project
13:24 Andrei Chibis appointed Acting Governor of Murmansk Region
13:17 Coast Guard continues to break ice on Penobscot River to start on the Kennebec River
12:40 Murmansk Region Governor announces resignation
12:00 Steel cut for first short-sea LNG bunker vessel for Eesti Gaas at Damen Yichang Shipyard, China
11:39 15 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 20-21
11:13 Bunker prices go down at the Far East ports of Russia (graph)
10:50 Doha to host Ports & Maritime Evolution, Rail & Logistics Evolution, Road & Logistics Evolution Qatar Assembly & Expo in September’19
10:27 Brent Crude futures price is up 0.16% to $68.61, Light Sweet Crude – up 0.02% to $60.24
10:08 MAN receives an order for two-stroke engines from Eastern Pacific Shipping
10:05 MABUX: Bunker Market this morning March, 21
09:59 2018 revenues of FSUE Rosmorport grew by 7% Y-o-Y to over RUB 26 billion
09:22 Baltic Dry Index is down to 709 points
09:08 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
09:00 PSA, PFR and IFM investors partner to jointly acquire the deepwater container terminal Gdańsk from Macquarie infrastructure and Real Assets, MTAA SUPER, AustralianSuper and Statewide Super
08:36 Port Canaveral starts construction of new Cruise Terminal 3 complex
07:58 SeaKing Electrical completes DFDS ferry upgrades in France

2019 March 20

18:00 Insight Into Contemporary Seafaring workshop held at Azerbaijan State Maritime Academy
17:43 Damen Cruise inks first contract with SeaDream Yacht Club
17:34 Wärtsilä prepares solutions for new state-of-the-art Wasaline ferry
17:34 Fire on Costa Smeralda under construction at Meyer Turku Shipyard not to affect building schedule
17:08 NOVATEK BoD recommends payment of RR 16.81 per ordinary share as 2018 dividend
16:46 Ukrainian seaports increased cargo handling by 2.5 million tons in January-February
16:22 ABP’s Hull Dry Bulks Terminal marks milestone handling biggest shipment
16:03 IMSSEA hosted “Maritime training and research activities” workshop
15:40 EU NAVFOR supports Somali / Ugandan maritime leadership training exercise course
15:21 Port of Long Beach Survey Director named
14:59 Finland’s Ministry of Transport and Communications appoints steering group to support reform of Act on Transport of Dangerous Goods
14:35 11 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 19-20
14:12 Nauticor and Destination Gotland start LNG bunkering in the port of Visby for MS “Visborg” with the world’s largest LNG bunker supply vessel “Kairos”
13:57 DNV GL has joined RAO/CIS Offshore 2019 as Sponsor of a conference session