Business | Shipping
DP World's 52% earnings growth 'way ahead of market expectations'
DP World Limited yesterday held its annual general meeting (AGM) in relation to the full year 2007 - its first as a publicly listed company.
- Staff Report
- Published: 00:04 May 30, 2008
- Image Credit: Megan Hirons/Gulf News
- DP World Chairman Sultan Ahmad Bin Sulayem and Director and Executive Vice Chairman Jamal Majid Bin Thaniah at the general meeting.
Dubai: DP World Limited yesterday held its annual general meeting (AGM) in relation to the full year 2007 - its first as a publicly listed company.
Chairman Sultan Ahmad Bin Sulayem underlined the strength of the company, saying, "Our share price performance has been disappointing; global financial markets have been very volatile and as a global company we are impacted as are other global companies when markets fall."
He added, "However, we believe that our 2007 fin-ancial results, reporting an outstanding profit growth of 52 per cent, which is way ahead of market expectations, shows that we are a strong business."
Great year
CEO Mohammad Sharaf giving a trading update, said, "As reported on April 7, 2008, 2007 was a year of a great many achievements for DP World. The company continued to deliver sustainable growth with volumes growing 18 per cent to 43.3 million TEU, revenue growth in excess of 30 per cent and Ebitda and profit growth in excess of 50 per cent.
"These excellent results were driven by DP World's well positioned global portfolio which benefits from the strong Asia to European trade routes and the growth of container cargo in the faster growing economies of the emerging markets."
"As reported earlier this month, trading in the first quarter of 2008 has been strong with throughput well ahead of the same period last year. Despite economic growth across a number of global markets remaining uncertain, we believe we are well placed to deliver good results this year," said Sharaf.
The ten resolutions put to the AGM were passed. Details will be available in the Investor Centre section of the DP World website www.dpworld.com and on the Dubai International Financial Exchange (DIFX) within 24 hours.
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