Increased cargo volumes drive DP World profit

DP_World_expansionDP World's profits surged by 82 per cent in 2011. (Image source: DP World)DP World reported that full year profit increased by 82 per cent to US$683 million, helped by increased cargo volumes, compared to $375 million in 2010

In a company statement, DP World attributed the jump in profits to focusing more on emerging markets and improved global container volumes.

"This improvement in profitability is a reflection of our strategy, which sees us focus on the faster growing emerging markets and more profitable origin and destination (O&D) and gateway cargo,"·commented·DP World Group·chairman·Sultan Ahmed bin Sulayem.

All of the three regions in which the company operates delivered a stronger performance than in 2012. In the Middle East, Europe and Africa region, adjusted earnings before interest, tax, depreciation amortisation EBIDTA grew nine per cent to $861 milllion.

DP World Group chief executive Mohammed Sharaf said, "We have seen commendable growth throughout our global portfolio and our flagship terminal Jebel Ali (UAE) continues to deliver sustainable growth.

"We have supplemented this solid domestic performance with stronger growth in major terminals outside the UAE as we continue to invest in our portfolio of growth oriented terminals."

DP World reaffirmed that it will be investing in an additional one million twenty-foot equivalent units of capacity at its Jebel Ali port in Dubai in 2012 and in a new four million TEU container terminal, scheduled to become operational in 2014.

The company also highlighted that it would continue to invest in its global operations to ensure that it is well positioned to take advantage of the growth in global trade. During 2011, the group completed major capacity expansion projects in Senegal, Pakistan and opened a new terminal in India.

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