Port Operator DP World Posts 11.8% Profit Rise in 2014

By Nadia Saleem

DUBAI, March 19 (Reuters) – Dubai’s DP World, one of many world’s largest port operators, posted an 11.8 % rise in 2014 web revenue as revenue margins grew in all its areas, the corporate stated on Thursday.

The agency made a revenue attributable to shareholders of $675 million in contrast with $604 million within the prior yr, it stated in a press release to the NASDAQ Dubai bourse.

Revenue within the 12 months was $3.41 billion, up 11 % from 2013.

DP World invested $807 million throughout its portfolio in the course of the yr, including 2 million twenty-foot equal models (TEU).

“By the end of 2015 we expect to have approximately 85 million TEU of gross global capacity, an increase of approximately 15 million TEU since 2012, and over 100 million TEU of gross capacity by 2020, subject to market demand.”

Mohammed Sharaf, group chief govt, stated 2015 was anticipated to see the addition of about 8 million TEU. This would come with new services in Turkey, India and the Netherlands, and added capability at Dubai’s Jebel Ali Terminal 3.

“Whilst macroeconomic conditions and geopolitical issues across some locations remain uncertain, we believe our portfolio is well positioned to deliver volume growth in line or slightly ahead of the market this year,” he stated within the assertion.

In 2014, DP World acquired Economic Zones World, which features a logistics park, for $2.6 billion. The deal closed on March 17; it was anticipated so as to add 15 % to earnings per share within the first full yr.

The firm set its 2014 extraordinary dividend at 23.5 cents per share, nearly the identical because the 23 cents dividend for 2013. (Editing by Andrew Torchia)