DP World eyes growth in Latin America, Africa

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DP World, the world’s third-largest port operator, is looking to expand in Latin America and Africa, according to the Dubai-based company’s chairman.

“We are well placed in Latin America in key markets,” Sultan Ahmed bin Sulayem said in comments published by Bloomberg on Sunday.

“There are other markets we would like to go to. We do negotiate with certain countries in Latin American to acquire ports.”

He declined to specify which countries the company was seeking to enter, Bloomberg added.

DP World, which operates more than 60 terminals in six continents, said earlier this month that it posted a 21 percent jump in 2012 profit.

The port operator clocked $555m in profit attributable to shareholders for 2012, compared with $459m in 2011. Revenue for the period rose 5 percent to $3.12bn. 

For 2013, bin Sulayem was quoted as saying there are “uncertainties in the market” including concerns about fuel and energy costs needed to run the operation.

DP World isn’t expanding into the US, the world’s largest economy, as the cost of investment in ports deters the company, bin Sulayem said, adding that the company was confident about a rebound in the European economy.

The company invested $685m across its portfolio in 2012.

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