As with most other industry sectors, DP World's container terminal operations climbed out of the recession well last year. Revenue increased by 9%, up to USD3,078 million, 82% of which came from container services.

The increase was mainly due to world trade growth of around the same level, and the opening of new facilities in Saigon and Callao. However, this was offset by the exclusion of revenue from ATI Manila, which has been accounted for as a joint venture since Q4 09. In addition, two terminals in Algeria joined the joint venture portfolio in 2009, so also only appear in the accounts at operating and net level.

Operating profit (EBITDA, including joint ventures and associates) increased by a much more healthy 16%, up to USD1,240 million - indicating that cost control was tight - enabling return on sales (RoS) to be increased from 38% to an even more healthy 40%. The result is one that their ocean carrier customers can only dream about, most achieving an RoS of between 10% and 20% last year.

This may explain why so many carriers are keen to increase their own investments in container terminal operations, either through joint ventures or direct investments. On the bottom line, DP World rubbed even more salt into the carrier wound by increasing its net result 35%, up to USD450 million.

Commenting on the result, chairman Sultan Ahmed Bin Sulayem, said: 'Last year saw a return to volume growth across almost all our terminals, albeit with different growth rates across regions. We saw both rapid recovery in global trade in those markets most affected by the decline in container volumes in 2009, and a return to more modest growth in those markets which showed resilience during 2009.

'Almost all of our container terminals around the world are back at or ahead of volumes last seen in 2008 which was a peak year for the global container terminal industry. The group has continued to invest in its portfolio during the last two years of global crisis and is seeing the benefit of this investment in these results.'

The star of the show was the company's interests in Australia and the Americas, which saw revenue grow by 47%, to USD875 million, out of which an operating profit (EBITDA) of USD271 million (+96%) was extracted.

Europe, Africa and the Middle East had a much more subdued time, with revenue remaining constant at USD1,742 million, out of which an operating profit of USD793 million (+3.7%) was extracted. Asia Pacific and the Indian Subcontinent saw revenue decline by 3.4%, down to USD461 million, but the region's operating margin remained the healthiest, at USD255 million (+3%), giving it an RoS of 55%.