Dubai: DP World, the Dubai government owned global port operator, reported on Thursday a half year profit of $331.8 million, 25.68 per cent higher than the same period a year earlier.
New capacity, a pick-up in global trade and a subsequent increase in volume growth were behind the numbers, said Chairman Sultan Ahmed Bin Sulayem in a statement.
Revenue for the six months ending June 30 was up 9.9 per cent to $1.659 billion, which DP World said explained the 12 per cent increase in containerised revenue and 10.2 per cent increase in non-container revenue.
Profit to non-controlling interests before separately disclosed items was $40.4 million.
DP World invested $350 million across its portfolio, though mainly in the Middle East and Europe terminals, over the January to June period.
Jebel Ali Terminal Three (T3) phase one, which consists of two million TEUs (twenty foot equivalent units – a shipping measurement term) capacity, will open in the fourth quarter. But Phase two, a further two million TEUs, has been delayed until some time in the first half of 2015.
DP World raised a $1 billion through a convertible bond this year and 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.
“The near term outlook remains encouraging, however continued geopolitical issues may result in challenges as the year progress,” stated Mohammed Sharaf, Group Chief Executive.
