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VIDEO: Dubai’s DP World profit surges 22 per cent in first half

Global ports operator made $405 million in H1 while total revenue stood at $1.9 billion

DP World, one of the world’s largest port operators, on Thursday said its first-half profit rose 21.9 per cent from a year earlier.

The company, which has a portfolio of more than 65 marine terminals across the world, made a $405 million profit attributable to its owners over the six months to June 30, 2015 compared to $332m in the corresponding period of, it said in a statement on the Nasdaq Dubai.

Revenue for the first half rose 14.5 per cent from $1.66 billion a year earlier to $1.9bn driven by its acquisition of the logistics and industrial parks company Economic Zone World (EZW) in Dubai.

The company, which owns the Jebel Ali Port that has been ranked as the world’s most productive port by the analysts at Journal of Commerce (JoC), has also acquired Canada’s Fairview Container Terminal this year.

“In 2015, we have invested over $3.5 billion in acquisitions and expansionary capex, and this investment leaves us well placed to capitalise on the significant medium to long-term growth potential of this industry,” says Sultan Ahmed Bin Sulayem, Chairman, DP World.

“We remain on course to deliver over 100m TEU (twenty-foot equivalent unit) of capacity by 2020, while maintaining the existing shape of our portfolio that has a 70 per cent exposure to origin and destination cargo and 75 per cent exposure to faster growing markets. This positioning will enable us to deliver both earnings growth and shareholder value over the long term.”