21-03-2016

DP World profit soars 30.7pc to US$883 million as revenue rises 16.3pc

DPWorld

DUBAI global ports operator DP World posted a 30.7 per cent year-on-year net profit increase in 2015 to US$883 million, drawn on revenues of $3.96 billion, which increased 16.3 per cent.

Adjusted operating profit (EBITDA) was up 48.6 per cent of $1.92 billion.

Investment in assets came to $1.38 billion and included facilities in Mumbai and Yarimca, Turkey, which each added 800,000 TEU capacity. 

Some 850,000 TEU capacity came with the acquisition of Prince Rupert, Canada. 

Together with the continued expansion of London Gateway Logistics Park and Jebel Ali Freezone, DP World expect to have 86 million TEU of global capacity, up 15 million TEU by 2017.

"We expect capital expenditure in 2016 to be between $1.2 billion - $1.4 billion with investment planned into Jebel Ali, Jebel Ali Freezone, London Gateway and Prince Rupert," said the company statement.

"This performance has been achieved despite uncertain market conditions, which demonstrates the well diversified and resilient nature of our portfolio with its focus on high growth markets," said DP World chairman and CEO Sultan Ahmed Bin Sulayem. 

"While 2016 is expected to be another challenging year for global trade, we have made an encouraging start to the year and current trading is in line with group expectations," he said.

Source: Schednet

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