Dubai's DP World profit up 30.7% in 2015

Dubai's DP World's profit surged 30.7 per cent to $883 million in 2015. (File)

Dubai's DP World, one of the world's largest port operators, said on Thursday that a major acquisition and ‘robust’ growth helped its profit to surge 30.7 per cent to $883 million in 2015.

Revenues grew 16.3 per cent to $3.97 billion, the company said in a statement.

DP World's ports handled 29.1 million TEUs (twenty-foot equivalent units), the standard used for sizing containers in the shipping industry, 2.7 per cent up from last year.

The company said it invested around $4 billion in acquisitions including of Dubai's logistic provider Economic Zones World (EZW) and Fairview Terminal at Prince Rupert Port in Canada.

EZW is an operator of economic zones, technology, logistics and industrial parks.

The financial results in 2015 were ‘driven by the acquisition of EZW and robust underlying growth,’ said DP World's chairman Sultan Ahmed bin Sulayem.

"This financial performance has been achieved despite uncertain market conditions, which once again demonstrates the well diversified and resilient nature of our portfolio with its focus on high growth markets," he added.

DP World runs 70 marine terminals across six continents, including Dubai's Jebel Ali port, the largest in the Middle East.
 

 

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