Port operator and trade enabler has announced encouraging financial results for the calendar year 2019
DP World has announced its financial results for 2019. On a reported basis, revenue grew 36.1%, delivering profit of $1,328 million, up 4.6%. The revenue for the period was US$7,686 million.
Revenue growth of 36.1% was driven by acquisitions including P&O Ferries (UK), Topaz Energy & Marine (UAE) and the two terminals in Chile (Puerto Central and Puerto Lirquen) as well as the full year impact from Continental Warehousing Corporation (India), Cosmos Agencia Maritima (Peru) and Unifeeder (Denmark), and the consolidation of Australia region.
Cash from operating activities was $2,462 million. In 2019, gross global capacity was at 91.8mn TEU. Consolidated capacity was at 54.2mn TEU.
Capital expenditure guidance for 2020 is up to US$ 1.4bn with investments planned in UAE, Prince Rupert (Canada), London Gateway (United Kingdom), Jeddah (Saudi Arabia), Callao (Peru), Sokhna (Egypt) and Berbera (Somaliland).
Posorja, the only deep-water port in Ecuador with capacity of 750K TEU opened on time and on budget. Furthermore, the 30-year concession renewal at Jeddah Islamic Port, largest port and hub that connects East-West cargo in the Kingdom of Saudi Arabia bodes well for the company’s future.
The company also sounded a note of cautions and that global trade outlook remains uncertain due to supply chain disruption caused by Covid-19 outbreak.
“We continue to focus on maintaining our disciplined approach to investment to deliver integrated supply chain solutions to cargo owners. Looking ahead into 2020, we will focus on integrating our recent acquisitions and managing costs to protect profitability,” the company said in a press statement.
“This performance has been delivered in an uncertain trade environment, once again highlighting the resilience of our portfolio,” commented Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO.
