DP World’s revenue grew by 11% year-on-year (YoY) in 2020 despite the effects of the COVID-19 pandemic and insisted the long-term trading outlook remains positive.
In a statement accompanying the company’s annual financial results, CEO Sultan Ahmed Bin Sulayem said its portfolio exceeded expectations and was able to deliver an EBITDA of approximately $3.3 billion.
“The container industry has outperformed the gloomy double-digit decline that some predicted at the start of the pandemic,” Bin Sulayem said.
He added that this which illustrates the “resilience of the market” and that DP World has outperformed the market, proof that it is operating in the right locations and has the right strategy.
He also claimed DP World will continue to be selective on new investments and focus on the integration of our recent acquisitions to “drive synergies” and look to contain costs to protect profitability and managing growth capex to preserve cashflow.
“We have continued to make progress on our strategy to enable trade and deliver an integrated supply chain solution to cargo owners.
“We have focused our efforts on digitizing logistics and developed solutions for several verticals.
“In 2020, DP World de-listed its equity from the stock exchange and returned to private ownership.
“The strength and resilience that our business continually demonstrates throughout the cycles is due to the investment the Group has made over the years in response to changes in our industry.
“Our ability to adapt and change has been the key to our success, and we must continue to evolve for continued growth.”
“Overall, we are pleased that our business has performed better than expected in 2020 and, while we remain cautious on the outlook given the continued issues surrounding the pandemic, geopolitical uncertainty in some parts of the world and the ongoing trade war, we are encouraged by the start to trading in 2021 and remain positive on the medium to long-term outlook for the industry and our business.”