DP World saw its profits more than double in the first half of 2008 on the strength of acquisitions in Africa and growth at its main hub in Jebel Ali.
DP World profits surge to $287m
DP World saw its profits more than double in the first half of 2008 to $287 million (Dh1.05 billion) on the strength of acquisitions in Africa and continued growth at its main hub in Jebel Ali, beating analysts' expectations. Revenues for the Dubai-based company grew by 32 per cent, to $1.6 billion, compared with $1.21 billion in the first half of 2007. Despite concerns that global shipping would falter this year because of weakness in the global economy from the credit crisis and soaring fuel prices, the world's fourth largest ports management company said it met its first half targets. Growth in the second half was also "ahead of the market" through its focus on the East-West trade routes, it added.
"These results are particularly pleasing in light of the fact that the industry overall has seen a slowdown in volume growth in the Asia-Pacific region, and we are operating in a more challenging global financial and economic environment," said Mohammed Sharaf, the chief executive of DP World. So far, the company said it was on track to achieve higher growth in the second half of the year although it reported early indications of weakening growth in some markets. In the first half, the global ports operator, with 44 terminals under management across 29 countries, continued its major expansion work with new terminals coming online in Dakar, Senegal and Sokhna, Egypt. The company also grew its exposure in the burgeoning Indian ports industry by increasing its shareholding at Chennai, India and Karachi, Pakistan. DP World shares hovered at 0.80 cents in morning trading, down 34 per cent on the year. email@example.com