News Column

DP World see's 26% first half profit growth

August 28, 2014

AlexanderCornwell Staff Reporter



Dubai

DP World, the Dubai government owned global port operator, reported on Thursday a half year profit of $331.8 million, 26 per cent higher than the same period a year earlier.

The ports operator said the numbers come off the back of an increase in cargo handling and a pick-up in global trade.

"Origin and destination cargo continues to be the right business model," said Chairman Sultan Ahmed Bin Sulayem, in a media conference call on Thursday morning.

Revenue for the six months ending June 30 was up 9.9 per cent to $1.659 billion, compared to $1.5 billion a year earlier. Profit to non-controlling interests before separately disclosed items was $40.4 million.

The bulk of revenue came from the Middle East, Europe and Africa operators with a 12.8 per cent year-on-year increase to $1.157 billion. Containerised revenue from DP World's flagship port Jebel Ali rose 13.1 per cent and non-container revenue was up 9.5 per cent. As of June, 30 the company's net debt stands at $2.3 billion compared to $2.4 billion in the first half of 2013. Gross debt is now $5.8 billion. Bank balances and cash is $3.5 billion.


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Source: Gulf News (United Arab Emirates)


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