Dubai-based DP World reported profit attributable to company owners of $1.13bn for the full year 2016 on the back of $4.16bn in revenue. They equate to a percentage growth of 27.6 per cent and 4.9 per cent, respectively, compared to the figures reported in 2015.

Excluding output from terminals that were commissioned or acquired in 2016, the company’s revenue and profits increased by 1.3 per cent and 6.2 per, respectively.

In August, DP World Group chairman and CEO Sultan Ahmed bin Sulayem said he was confident that the company will meet revenue expectations for the full year 2016 based on its strong performance for the first half of the year, and despite a challenging market environment and slowing global trade.

DP World said in a statement on 20 March that global trade has remained robust through the various economic cycles and they expect it to remain resilient even in an era where there is much discussion about protectionism and increasing trade barriers.

“Disciplined investment throughout the economic cycle has been one of the keys to delivering consistent growth and in 2016, we invested $1.29bn across our portfolio in markets with strong demand and supply dynamics,” Bin Sulayem said. “Our aim is to continue our disciplined approach to capital allocation in markets with strong growth potential while adding complementary or related services to further diversify and strengthen our business.”

The Middle East, Europe and Africa (MEA) accounted for roughly 74 per cent of the total revenue for the year, which increased 5.5 per cent compared to 2015.

According to the company, the Jebel Ali Port and Free Zone continued to perform in line with expectations.

In terms of overall revenue share in 2016, the MEA region is followed by Australia and the Americas (16 per cent) and the Asia Pacific and the Indian sub-continent (10 per cent). The revenue growth in Australia and the Americas is weakest of the three regions at 2.6 per cent.

Consolidated throughput is at 29.2 million twenty-foot equivalent units (TEU), up marginally (0.4 per cent) compared to the previous year.

DP World raised $1.2 billion in a new seven -year sukuk transaction at significantly improved terms, refinancing $1.1 billion of the existing 2017 sukuk through a tender offer and extending the debt maturity profile. It also raised £650m ($805m) 20- and 30-year multi tranche term financing placed with pension funds, insurance companies and financial institutions for the London Gateway Port. The company raised another CAD603m ($452m) seven-year bank loan for its Canadian business.

The port operator finalised the sale of a 45 per cent stake in Canada’s Vancouver and Prince Rupert ports to Caisse de Depot et Placement du Quebec (CDPQ) in January. The sale is valued at CAD$869m ($655m). The transaction will seed the $3.7bn investment vehicle between DP World and CDPQ, a pension fund. DP World maintains a 55 per cent shareholding in the investment fund, with CPDQ accounting for the remainder.