DUBAI– DP World announced Thursday strong financial results for the year 2018, recording annual revenue growth of 19.8 percent.
On a reported basis, adjusted EBITDA increased 13.7% with adjusted EBITDA margin of 49.7%, delivering profit attributable to owners of the Company, before separately disclosed items, of $1,270 million, up 5.1%, and EPS of 153.0 US cents.
On a like-for-like basis, revenue grew 4.2%, adjusted EBITDA increased by 6.6% with adjusted EBITDA margin of 54.1%, and earnings attributable to owners of the Company increased 7.6%.
Commenting on the results, DP World 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.
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.
Going forward, we aim to integrate our new acquisitions and drive synergies across the portfolio with the objective of removing inefficiencies in global trade, improving the quality of our earnings and driving returns.
The Board of DP World recommends increasing the dividend by 5% to $365.9 million at 43 US cents per share, which is in line with the past policy of maintaining a payout ratio of approximately 30%.