Business
DP World posts 26% revenue growth
Published
2 years agoon
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DP World Limited announced strong financial results for the year 2021, achieving a revenue growth of 26.3 per cent to US$10,778 million and adjusted EBITDA growth of 15.3 per cent to US$3,828 million, with adjusted EBITDA margin of 35.5 per cent.
The revenue increase from US$2,245 million to US$10,778 million is supported by acquisitions and new concessions including Angola, Unico and Transworld.
Like-for-like revenue rose by 11.7 per cent with like-for-like containerised revenue up 14.2 per cent driven by volume growth, while containerised revenue growth is higher than volume growth mainly due to higher storage and reefer monitoring revenue.
Like-for-like non containerised revenue grew 9.5 per cent with a strong performance from the Feedering business.
Cash from operating activities increased by 27.3 per cent to a record US$3,692 million in 2021 (US$2,901 million in 2020), while leverage (net debt to adjusted EBITDA) stood at 3.7 times (Pre-IFRS16) despite higher net debt of US$12.2bn (US$11.0bn 2020). On a post-IFRS16 basis, net leverage stood at 4.2 times compared to 4.3 times at FY2020.
The company recorded capital expenditure of US$1,393 million (US$1,076 million in 2020) invested across the existing portfolio.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said, “We are delighted to report these strong set of results with adjusted EBITDA growing by US$0.5 billion to a new record of US$3.8 billion. Importantly, growth was broad based across our terminals and logistics assets as we begin to drive synergies across our portfolio. This significant growth once again demonstrates that our strategy to deliver integrated supply chain solutions will drive sustainable long-term returns.”
Announcements
UAE sends 90 metric tons of urgent relief supplies to Sudan
Published
5 days agoon
September 3, 2024By
SudhashreeOn the directions of Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai, the Dubai Humanitarian (DXB-H) has facilitated urgent relief supplies to Chad’s capital, Ndjamena, to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
In a swift response to the escalating humanitarian crisis, a Boeing 747 cargo flight departed from Al Maktoum International Airport on Saturday, August 31, at 9:00 am carrying 90 metric tonnes of essential medical supplies, shelter materials, and relief items provided by the World Health Organisation (WHO) and the United Nations High Commissioner for Refugees (UNHCR). These critical resources are expected to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
Announcements
Global Village announces opening date for Season 29
Published
5 days agoon
September 3, 2024By
SudhashreeSeason 29 of Global Village will kick off on October 16, 2024, the outdoor destination announced. The season will run until May 11, 2025. The popular destination remains closed during the summer months. This year, Global Village is expanding its offerings, featuring more cultural representations, never-before-seen entertainment, and exciting infrastructure upgrades.
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Visitors to the family-friendly destination can experience a diverse range of performances, shopping, and dining experiences from cultures around the world.
Opening more than 25 years ago, the destination set a new record of over 10 million visitors in its 28th season, the longest season to date, hosting 27 pavilions representing over 90 cultures from around the globe, as well as 3,500 shopping outlets and 250 dining options.
The destination is expecting millions of visitors from around the globe to gather for the park’s attractions during the upcoming season.
Announcements
Gaming meets speed: Ferrari launches first-ever esports arena in Abu Dhabi
Published
1 week agoon
September 1, 2024By
SudhashreeFerrari World Yas Island, Abu Dhabi’s acclaimed Ferrari-themed park, has once again redefined entertainment by launching the world’s first Ferrari-themed Esports Arena. This state-of-the-art venue is set to become the go-to destination for racing enthusiasts, Formula 1 aficionados, and thrill-seekers alike.
The newly unveiled Ferrari World Esports Arena features an impressive lineup of 20 Gran Turismo simulators, thoughtfully designed to cater to a broad audience. Fourteen simulators are dedicated to adult racers, while six are specifically designed for younger guests, creating a family-friendly atmosphere that welcomes visitors of all ages.
The arena also includes three specialised F1 simulators, offering participants the exhilarating experience of sitting in the driver’s seat of a Ferrari race car and racing on legendary F1 Grand Prix circuits, including the Yas Marina Circuit. Open daily from 10am to 6pm, the Ferrari World Esports Arena offers access to the Gran Turismo simulators as part of the theme park ticket until the end of the year. The exclusive F1 simulators are available for an additional fee, starting from Dh60 per race.