Revenues at the Dubai based company rose 5% on 2011's $2.9bn to $3.1bn, a increase the company attributes to strong growth in the Middle East, Europe and Africa despite the global economic landscape.
The company's cash balance took a significant hit from the repayment of a $3bn loan facility, causing the balance to fall from $4.1bn to 1.8bn but DP World's net debt fell to from $3.6bn to $2.9bn on the back of strong cash flow.
DP World Group ceo, Mohammed Sharaf commented “Whilst the operating environment has remained challenging in some of our regions, it is the strength of our operations in Africa, Middle East, South America and Asia which has supported our improvement in adjusted EBITDA to $1.4bn.
“Last year was also an important period in terms of progressing the delivery of four major development projects around the world. Over the next two years, we will deliver a further 10m teu of new capacity. The first of this will come on stream in the next few months at Jebel Ali (UAE), with Embraport (Brazil) and London Gateway (UK) opening later this year. The fourth, the new terminal at Jebel Ali, is well underway and set to open next year. We are in no doubt that the delivery of this new capacity will be transformational for DP World over the medium term.
“Operating conditions in each of our markets in the first two months of 2013 have been consistent with those experienced at the end of last year and the economic environment continues to remain uncertain,” he added.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
