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Port Business Booming, DP World Reports

by Lorys Charalambous, Tax-News.com, Cyprus

21 March 2013


DP World, which operates more than 60 shipping terminals across six continents, has reported strong performance during 2012 in accounts published on March 20, 2013, with revenue up 5% to USD3.1bn, and profits of USD749m.

DP World reported that it had experienced a "tougher operating environment in some markets" in 2012 but strong growth in the Middle East, Europe and Africa.

DP World Chairman, Ahmed Bin Sulayem commented: “DP World delivered profit for the year of USD749m following a strong year of operational performance from its global operations, prudent financial management and proactive management of assets. Delivering this improvement in profits during what has been a challenging operating environment shows that our portfolio is focused on the right markets, and on delivering the right operations and service to our customers."

“This year, we have continued to actively manage our portfolio to maximum advantage, divesting non-core or low return assets. This has enabled us to move capital into those markets where we see more profitable returns whilst strengthening our capital base."

Discussing ongoing projects, DP World Group Chief Executive, Mohammed Sharaf added: “Last year was also an important period in terms of progressing the delivery of four major development projects around the world. Over the next two years, we will deliver a further 10 million Twenty-foot Equivalent Units (TEU) of new capacity. The first of this will come on stream in the next few months at Jebel Ali (UAE), with Embraport (Brazil) and London Gateway (UK) opening later this year. The fourth, the new terminal at Jebel Ali, is well underway and set to open next year. We are in no doubt that the delivery of this new capacity will be transformational for DP World over the medium term."

TAGS: marine

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