DP World announced a 13.2% increase in revenue in 2017, with its gross throughput up 10.1% for the year. Its adjusted EBITDA grew 9.1% to $2,469m. This meant it produced a profit of $1,363m, up 8.2% from the year before.
Of its $4,715m in total revenues, EMEA accounted for $3,824m. This represented an increase of 6.9% and its consolidated throughput growth was 7.6%. This was due to a recovery in container volumes at its flagship port, Jebel Ali, as well London Gateway’s addition of THE Alliance’s Asia-Europe container line service. Adjusted EBITDA grew 7.1% to $1,918m.
In Asia Pacific and the Indian Subcontinent, revenues grew 54.2% and consolidated throughput grew 102.1%. This was due to the consolidation of the port of Pusan, South Korea. Like-for-like revenue growth and EBITDA growth stood at 6.1% and 11.7% respectively.
Revenues in Australia and the Americas grew 15.6% to $762m. Consolidated throughput was up 18.8%, as a result of stronger performance in the Americas. Adjusted EBITDA fell 0.5%.
CFO, Yuvraj Narayan, said, “We continue to make good progress on our revenue diversification strategy as containerized revenue now accounts for approximately 70% of Group revenues compared to approximately 80% in 2014. This is despite a 24% absolute growth in containerized revenue during this period and we expect this trend to continue as we estimate non-container revenue share to grow to approximately 40% of Group revenues by the end of 2018.”
Source: DP World
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