(MENAFN - Khaleej Times) DP World, the world's third-biggest marine port operator, on Monday announced a dividend of 24 per share and said shareholders authorised the company to buy back "a limited number of shares."
The shareholders also "authorised the company to reduce its share capital by cancelling any or all of the ordinary shares purchased," the company said in a statement to Nasdaq Dubai.
Following its annul general meeting on Monday, the company said in statement that shareholders backed the re-appointment of all eight directors of its board.
The meeting also approved DP World's request for the "renewal of an existing authority allowing the company to allot, or issue, up to a limited number of shares - five percent of the nominal value of the issued and unconditionally allotted share capital of the company - free of pre-emption rights."
The dividend, which will be paid on May 2, comprises a 10 per cent increase in the underlying dividend to 18.7 per share, supplemented by a special dividend of 5.3 per share reflecting the separately disclosed profit attributable to owners of the company. "This results in a total dividend distribution of 199 million," DP World said.
Earlier on Monday, the Dubai-based company said that gross volumes it handled across the globe surged 9.5 percent in the first quarter of the year.
Citing strong business in Asia as key to its increased cargo volumes. The Dubai-based conglomerate said it handled the equivalent of 13.8 million standard 20-foot shipping containers between January and March.
DP World chairman Sultan Ahmed bin Sulayem said the growth was driven by an excellent performance in its operations in Asia Pacific and Indian Subcontinent region which reported 14.6 per cent growth in volumes as new capacity across the region supported strong growth across our Asia Pacific portfolio.
In a statement, Sulayem said growth in Europe, the Middle East and Africa region was 4.4 per cent with a good performance in the Middle East and Africa mitigating the ongoing challenging operating environment in Europe.
The Americas and Australia region reported growth of 8.7 per cent driven by a very strong performance in the Americas region, said Bin Sulayem.
Jebel Ali continued to deliver strong volume growth handling 3.2 million TEU in the first three months of the year, 8.5 per cent ahead of the same period last year.
"The global macroeconomic uncertainty has continued into 2012. With our portfolio focused on the faster growing emerging markets and more stable origin and destination markets, we remain committed to delivering improved operational and financial performance over 2011," said Bin Sulayem.
In March, DP World, which is also listed on the London Stock exchange, reported that its 2011 profit climbed 82 per cent, helped by gains from the part-sale of its terminals in Australia. Net income rose to 683 million from 375 million a year earlier. Profit before separately disclosed items rose 23 per cent to 459 million.