Business | Shipping
DP World reports 48 per cent jump in profit
DP World, the world's fourth biggest port operator, reported a 48 per cent jump in profits to $621 million in 2008, up from $420 million in 2007.
- By Saifur Rahman, Business Editor
- Published: 11:32 March 25, 2009
- Image Credit: Gulf News Archive
- Sultan Ahmad Bin Sulayem, DP World chairman, said: "2008 was another year of excellent performance for DP World where our focus on the faster growing emerging markets and origin and destination cargo allowed us to once again outperform the market, delivering results ahead of expectations."
Dubai: DP World, the world's fourth biggest port operator, reported a 48 per cent jump in profits to $621 million in 2008, up from $420 million in 2007.
Its revenue grew 20 per cent to $3.23 billion last year, up from $2.73 billion while consolidated throughput increased 15 per cent to 27.7 million twenty-feet-equivalent units (TEUs), up from 24 million TEUs recorded the previous year.
Net cash from operating activities increased 12 per cent to $1.06 billion, an increase from $955 million recorded in 2007.
Pro forma earnings per share increased 53 per cent to 3.45 cents, up from 2.26 cents in 2007.
The company announced a dividend of 0.69 cent per share.
Sultan Ahmad Bin Sulayem, DP World chairman, said, “2008 was another year of excellent performance for DP World where our focus on the faster growing emerging markets and origin and destination cargo allowed us to once again outperform the market, delivering results ahead of expectations.
"The volume deceleration we saw in the last quarter of 2008 has continued into early 2009 and shows little sign of easing in the foreseeable future.
"Falling utilisation rates across container terminals globally mean the demand for new capacity in the short-term is much diminished.
"Taking into account our existing pipeline of committed capacity the company has decided to defer much of our planned new capacity until such time as higher utilisation rates return."
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