x Abu Dhabi, UAETuesday 25 July 2017

Dubai's DP World breaks through Dh2 billion profit barrier

DP World's profits rose 21 per cent to US$555 million last year, aided by asset sales in some ports and surging trade in Africa, Middle East, South America and Asia.

DP World's profits rose 21 per cent to Dh2.03 billion (US$555 million) last year, aided by asset sales in some ports and surging trade in Africa, Middle East, South America and Asia.

"Whilst the operating environment has remained challenging in some of our regions, it is the strength of our operations in Africa, Middle East, South America and Asia which has supported our improvement," DP World chief executive Mohammed Sharaf said today in a statement posting the results on the Nasdaq Dubai website.

Year over year growth was impacted by the sale of assets from the Australia, Europe and Middle East region, it said. During the year, it sold its investment in Adelaide's terminal, as well as stakes in the Russian container terminal Vostochnaya Stevedoring, British-based Tilbury Container Services and operations in Belgium. It exited its venture in Aden, Yemen too.

It announced a 10 per cent increase in its dividend pay out to 21 US cents per share.

Operating performance in the company's markets in the first two months of the year had been "consistent" with those experienced at the end of last year and the economic environment continued to remain "uncertain," said Mr Sharaf.

 

tarnold@thenational.ae