DP World Announces 2019 Results Amid Pandemic
DP World has announced “robust financial results” for the year ended 31 December 2019 amid the global coronavirus pandemic.
On a reported basis, revenue grew 36.1% for DP World and adjusted EBITDA increased 17.7%. Australia.
Logistics investments made by DP World in 2019 includes the acquisition of Pan-European logistics platform of P&O Ferries and Marine logistics operator, Topaz Marine & Energy.
While the global trade outlook remains uncertain due to supply chain disruption caused by COVID-19 outbreak, DP World stated it “continued to focus on maintaining our disciplined approach to investment to deliver integrated supply chain solutions to cargo owners.”
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented: "We have continued to make progress on our strategy to deliver integrated supply chain solutions to cargo owners and have focused our efforts on building end-to-end capabilities for several verticals including the Automotive, Oil & Gas and FMCG industries.
“We are pleased to state that cargo owners have responded positively, and we are now delivering efficient solutions to our customers, which bodes well for the future.
“More recently, after much deliberation, DP World has taken the decision to announce its plans to de-list its equity from the stock exchange and return to private ownership.
“...We believe this long-term approach to business is not aligned with the short term thinking of equity markets and consequently, the next stage of DP World's development will take place as a private company.
"Following the planned delisting, the leverage on the balance sheet will rise temporarily but we are confident of de-leveraging as we remain committed to a strong investment-grade rating in the medium term.
"The near-term outlook remains a cause for concern with global trade disputes, COVID-19 outbreak and regional geopolitics, causing disruption to trade.
“However, DP World is well-positioned to respond in the short term by focusing on disciplined investment and managing the cost base to protect profitability.
“Overall, we remain positive on the medium to long term outlook of the industry."