Dubai, 25 March 2009: - DP World today announced strong results for the 12 months to 31December 2008, building on the excellent performance in the first half and delivering another year of solid profitable growth.
The highlights include consolidated throughput growth of 15% to 27.7 million TEU (2007: 24 million TEU), Strong revenue growth of 20% to $3,283 million (2007: $2,731 million), EBITDA2 increased 22% to $1,340 million (2007: $1,100 million); with margins at 40.8%, Profit after tax for continuing operations increased 48% to $621 million (2007: $420 million), Net cash from operating activities increased 12% to $1,069 million (2007: $955 million), Pro forma earnings per share increased 53% to 3.45 cents3 (2007: 2.26 cents), and Dividend of 0.69 cent per share. DP World Chairman Sultan Ahmed Bin Sulayem said; “2008 was another year of excellent performance for DP World where our focus on the faster growing emerging markets and origin and destination cargo allowed us to once again outperform the market, delivering results ahead of expectations. Profit after tax was in excess of $600 million and cash generation in excess of $1 billion. This excellent performance in 2008 leaves us in a strong financial position to meet the challenges that lie ahead in 2009. “The volume deceleration we saw in the last quarter of 2008 has continued into early 2009 and shows little sign of easing in the foreseeable future. Falling utilisation rates across container terminals globally mean the demand for new capacity in the short-term is much diminished. Taking into account our existing pipeline of committed capacity the company has decided todefer much of our planned new capacity until such time as higher utilisation rates return.
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The highlights include consolidated throughput growth of 15% to 27.7 million TEU (2007: 24 million TEU), Strong revenue growth of 20% to $3,283 million (2007: $2,731 million), EBITDA2 increased 22% to $1,340 million (2007: $1,100 million); with margins at 40.8%, Profit after tax for continuing operations increased 48% to $621 million (2007: $420 million), Net cash from operating activities increased 12% to $1,069 million (2007: $955 million), Pro forma earnings per share increased 53% to 3.45 cents3 (2007: 2.26 cents), and Dividend of 0.69 cent per share. DP World Chairman Sultan Ahmed Bin Sulayem said; “2008 was another year of excellent performance for DP World where our focus on the faster growing emerging markets and origin and destination cargo allowed us to once again outperform the market, delivering results ahead of expectations. Profit after tax was in excess of $600 million and cash generation in excess of $1 billion. This excellent performance in 2008 leaves us in a strong financial position to meet the challenges that lie ahead in 2009. “The volume deceleration we saw in the last quarter of 2008 has continued into early 2009 and shows little sign of easing in the foreseeable future. Falling utilisation rates across container terminals globally mean the demand for new capacity in the short-term is much diminished. Taking into account our existing pipeline of committed capacity the company has decided todefer much of our planned new capacity until such time as higher utilisation rates return.
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