Dubai's DP World H1 net profit up 9.1%

  • Share via facebook
  • Tweet this
  • Bookmark and Share

DP World, the world's third-largest port operator, reported a 9.1 percent rise in attributable profit for the first half of the year on Thursday, but warned of continued uncertainty and challenging market conditions in some regions.

The company, one of the more profitable assets of debt-laden Dubai World, posted a first-half net attributable profit of $264m, compared with $242m in the corresponding period of 2012, it said in a statement on Thursday.

DP World has been selling assets globally, exiting markets where it does not have a significant presence and seeking to redeploy funds in fast-growing regions. The company said it was confident of meeting full year expectations despite an uncertain market outlook.

"The outlook remains uncertain and market conditions in some regions are undoubtedly challenging," said Mohammed Sharaf, DP World's group chief executive.

"We continue to focus on delivering efficiencies, containing costs and handling higher margin containers to drive profitability and, in light of improving momentum seen through the first half, remain confident of meeting full year expectations," he said.

Resilience in its Middle East and Africa portfolio mitigated the weaker Europe market, the company said. Revenue for the six months ended on June 30 was little changed at $1.51bn compared with $1.53bn in the prior-year period.

DP World said it had realised $158m of profit from monetisation of assets this year. It sold stakes in two container terminals and a logistics centre in Hong Kong for $742m in March.

The Hong Kong sale was one of the largest assets sold since it offloaded its Australian business more than two years ago.

Sharaf said $544m had been invested this year and the firm was on track to meet its $3.7bn capital expenditure programme.

DP World shares have risen 33 percent year-to-date on the Nasdaq Dubai bourse. The stock is also traded on the London Stock Exchange.

Related:
Companies

Market Performance

DP World - UAE
19.0
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Stronger together? Reviewing Emirates' historic partnership with Qantas

Stronger together? Reviewing Emirates' historic partnership with Qantas

One year after the “historic” Emirates-Qantas partnership deal...

Air Arabia to use tried and tested model in Ras Al Khaimah

Air Arabia to use tried and tested model in Ras Al Khaimah

Air Arabia signed an agreement last month to become the official...

Is Saudi Arabia ready for take off?

Is Saudi Arabia ready for take off?

Saudi Arabia has announced two new airlines and $30bn worth of...

1
Most Discussed
  • 10
    UAE father who whipped son to death wins appeal

    "Under Sharia, a parent cannot be executed for killing their child"
    A spouse could be executed if he/she kills his/her spouse, as none of them is... more

    Friday, 18 April 2014 3:38 PM - Nihar
  • 3
    To diet or not to diet?

    It is best to eat by your blood type. Following this diet is miraculous. Generic diets don't always work as certain foods are not good for the individual... more

    Friday, 18 April 2014 11:49 AM - Shamira Mitha
  • 2
    Saudi conservatives stage rare protest against Westernisation

    While one certainly appreciates a country to retain its own culture and heritage, one might call the current status in Saudi something like "stoneage"... more

    Saturday, 19 April 2014 1:51 AM - Non-Muslim
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams