DP World posts profit rise but warns of uncertain future

  • First-half profits up 9.1% to US$264 million, container volumes down 4.5%

DP World, the world’s third largest port operator, has posted a 9.1 percent rise in profit for the first six months of the year.

The London-listed company’s net income increased from US$242 million to $264 million January through June, while revenues during the six month period slipped 1.3 percent to $1.51 billion.

Container traffic at DP World’s 65-plus container terminals fell during the first-half of the year with 9.15 million TEU being moved – a 4.5 percent decline.

However, despite Group chief executive Mohammed Sharaf stating that the company had reported “an excellent set of financial results for the first six months of 2013”, despite tough market conditions, he warned of both an “uncertain and challenging” few months ahead in some regions.

DP World said though that it is still committed to capital investment of $3.7 billion until 2015, generated by cash flow and external financing. The Dubai- based firm invested as much as $544 million in the first six months of the year and expects to add a further 10 million TEU to its overall capacity, which stands at around 75 million TEU, over the next two years

“Crucially our balance sheet remains strong, which gives us the ability to invest in the future growth of our current portfolio, and the flexibility to make new investments should the right opportunities arise as well as delivering enhanced returns to shareholders over the medium term.”

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