DP World posts record gain, 2012 net profit up 10pc, sales rise 5pc
DUBAIâ€™s global port operator, DP World, has posted a 10 per cent increase in net profit to US$749 million in 2012 year on year, drawn on record revenues of $3.1 billion.
The result was boosted by a $249 million gain from sale of a container terminal stake in Hong Kong, Reuters reports. The company sold stakes in two container terminals and a logistics centre in Hong Kong for $742 million earlier this month.
Singapore-listed Hutchison Port Holdings Trust bought Asia Container Terminals, operator of Hong Kongâ€™s Container Terminal 8 West for $503 million from DP World and Singapore-PSA.
â€œWe have continued to actively manage our portfolio to maximum advantage, divesting non-core or low return assets, and repaying debt,â€ said DP World chairman Sultan Ahmed Bin Sulayem.
The Hong Kong sale was one of the largest assets sold since it shed its Australian business more than two years ago. It realised $249 million profit from asset disposals in 2012, which aided profit growth.
EBITDA (earnings before interest, tax, depreciation and amortisation) was up eight per cent to US$1.4 billion. DP World also paid down debt to $2.9 billion.
The revenue increase was attributed to strong growth in the Middle East, Europe and Africa region while increases in EBITDA were ascribed to efficiencies, greater productivity and higher utilisation in the Asia Pacific, Indian subcontinent, the Mideast, Europe and Africa.
â€œDelivering this improvement in profits during what has been a challenging operating environment shows that our portfolio is focused on the right markets, and on delivering the right operations and service to our customers,â€ said Sultan Bin Sulayem.
â€œThis year, we have continued to actively manage our portfolio to maximum advantage, divesting non-core or low return assets. This has enabled us to move capital into those markets where we see more profitable returns while strengthening our capital base,â€ he said.
Said DP World Group CEO Mohammed Sharaf: â€œLast year was also an important period in terms of progressing the delivery of four major development projects around the world.â€
Looking ahead he said DP World will deliver 10 million TEU new capacity in the next two years. The first capacity delivery will come to Jebel Ali in a few month with Embraport, Brazil and London Gateway opening later this year.
â€œOperating 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,â€ Mr Sharaf said.
In January, DP World announced it handled 56.1 million TEU across its global terminal network last year, up 2.4 per cent year on year.
Source: The Shipping Tribune â€“ 22 March 2013
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