DP World, a global operator of shipping terminals based in Dubai, has recorded strong financial results for the year ended December 31, 2018 as revenue grew 20 per cent.

Announcing the 2018 results, the Dubai group said its adjusted earnings before interest, tax, depreciation and amortization (Ebitda) increased 13.7 per cent with adjusted Ebitda margin of 49.7 per cent, delivering profit attributable to owners of the company, before separately disclosed items, of $1.27 billion, up 5.1 per cent, and EPS of 153 US cents.

On a like-for-like basis, the revenue grew 4.2 per cent, adjusted Ebitda increased by 6.6 per cent with adjusted Ebitda margin of 54.1 per cent , and earnings attributable to owners of the company increased 7.6 per cent.

Commenting on the results, Group Chairman and CEO Sultan Ahmed bin Sulayem said: “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 billion worth of acquisitions announced in the year,” noted Bin Sulayem.

“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,” he stated.

NEW CRANES

Meanwhile, DP World Berbera has achieved another milestone for Somaliland, commissioning the first mobile harbour cranes (MHCs) at the Port of Berbera last month.

The introduction of the MHCs is a landmark development by DP World Berbera, as the port will for the first time offer shoreside crane support, substantially improving vessel operations, said a statement.

The $12 million investment on the three new cranes will double productivity at the port, significantly reducing vessel turn-around time and stabilising operations during monsoon season as well as providing safer and more secure conditions at the port, it said.