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DP World issues warning despite revenue boom

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DP World’s revenue grew 36.1% in 2019 thanks to acquisitions of P&O Ferries, Topaz Energy and Marine and the Puerto Central and Puerto Lirquen terminals in Chile, according to its annual financial figures

In total its revenue reached $7.6 billion, which included a like-for-like increase of 2.3% in its non-container operations.

Its earnings before interest, taxes, depreciation and amortization (EBITDA) also increased by 17.7% in 2019.

While the growth was driven largely by DP World’s recent acquisitions it was also helped by the full year impact from the purchase of Continental Warehousing Corporation, Cosmos Agencia Maritime and Unifeeder and the consolidation of the Australia region.

Sultan Ahmed Bin Sulyam, DP World Group Chairman and CEO, said the terminal operator had continued to make progress on its strategy to deliver “integrated supply chain solutions to cargo owners”.

However, he also said the near-term outlook remains “a cause for concern” due to global trade disputes and the coronavirus outbreak.

The next 12 months will be affected by DP World’s decision to delist from the Dubai stock exchange, a decision it made in February 2020, a story Port Technology International (PTI) reported on.

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