Dubai: DP World, one of the world’s largest port operators, reported on Thursday a 21.9 per cent increase in first half profit.
The port operator made $405 million over the six months to June 30, 2015 compared to $332 million a year ago, it said in a statement on the Nasdaq Dubai. Revenue for the first half rose 14.5 per cent to $1.9 billion.
DP World Chairman Sultan Ahmad Bin Sulayem stated the company was pleased with its first half performance it achieved amid “uncertain market conditions.”
Across all ports, the company handled 14,378 TEUs (twenty foot equivalent), a shipping container measurement, which was 3.5 per cent more than the 13, 889 TEUS it handled a year ago.
Group Chief Executive Mohammed Sharaf stated DP World would continue to grow in the second half despite uncertainty and “limited visibility” on the near term.
“We believe our business is well positioned to continue to outperform the market. …Our first half performance underpins our confidence in meeting full year market expectations,” he said.
In the first half of 2015, DP World spent more than $3.5 billion on “acquisitions and expansionary capex,” including, a $2.6 billion deal to acquire Economic Zones World (EZW), which includes Jebel Ali Free Zone (Jafza).
