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Issue #592

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2014 Media Kit

Dubai’s DP World H1 net profit rises 9.1%

By: | at 12:14 PM | Ports & Terminals  

​The company, one of the more profitable assets of debt-laden Dubai World, posted a first-half net attributable profit of $264 million, compared with $242 million in the corresponding period of 2012, it said in a statement.

DP World has been selling assets globally, exiting markets where it does not have a significant presence and seeking to redeploy funds in fast-growing regions. The company said it was confident of meeting full year expectations despite an uncertain market outlook.

“The outlook remains uncertain and market conditions in some regions are undoubtedly challenging,” said Mohammed Sharaf, DP World’s group chief executive.

“We continue to focus on delivering efficiencies, containing costs and handling higher margin containers to drive profitability and, in light of improving momentum seen through the first half, remain confident of meeting full year expectations,” he said.

Resilience in its Middle East and Africa portfolio mitigated the weaker Europe market, the company said. Revenue for the six months ended on June 30 was little changed at $1.51 billion compared with $1.53 billion in the prior-year period.

DP World said it had realised $158 million of profit from monetisation of assets this year. It sold stakes in twocontainerterminals and a logistics centre in Hong Kong for $742 million in March.

The Hong Kong sale was one of the largest assets sold since it offloaded its Australian business more than two years ago.

Sharaf said $544 million had been invested this year and the firm was on track to meet its $3.7 billion capital expenditure program. (Reuters)