We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 29 Aug 2012 09:57 AM

Font Size

- Aa +

DP World reports flat profit growth in H1

Dubai-based port operator sees marginal net profit increase of 0.4 percent in first half

DP World reports flat profit growth in H1

Dubai-based port operator DP World reported a marginal net profit increase of 0.4 percent to US$247m in 1H2012.

In the first six months of the year, the world’s largest port operator saw its revenue increase to US$1.53bn, compared to US$1.50bn in the year ago period.

Net debt at the firm, a unit of Dubai World, stood at US$3.5bn. Gross debt was US$4.7bn, down from US$7.8bn, mainly due to the repayment of a US$3bn loan facility during the first half of the year. The company plans to make investments of US$3.7bn over the next two years.

DP World attributed flat growth in both profit and revenue to uncertainty in the global economic climate.

“The global economic uncertainty seen in the first half of the year has continued into the second half,” said CEO Mohammed Sharaf.

Revenue derived from DP World's operations in Europe, Middle East and Africa during the half was up 14 percent to US$1.03bn, although Asia-Pacific was down 6 percent US$233m and Australia and Americas receded 23 percent US$266m.

Earlier in the year DP World was forced to sell its 60 percent stake in Adelaide port, while a report earlier in August said the port authority in the Yemeni city of Aden had begun the process of cancelling its contract with the Dubai operator to manage the terminal.

Arabian Business: why we're going behind a paywall

For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.