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Thu 19 Mar 2015 10:43 AM

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Dubai's DP World posts 11.8% rise in 2014 net profit

Revenue in the 12 months was $3.41bn, up 11% from 2013

Dubai's DP World posts 11.8% rise in 2014 net profit

Dubai's DP World, one of the world's largest port operators, posted
an 11.8 percent rise in 2014 net profit as profit margins grew in all its
regions, the company said on Thursday.

The firm made a
profit attributable to shareholders of $675 million compared with $604 million
in the prior year, it said in a statement to the NASDAQ Dubai bourse.

Revenue in the
12 months was $3.41 billion, up 11 percent from 2013.

DP World
invested $807 million across its portfolio during the year, adding 2 million
twenty-foot equivalent units (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 executive, said 2015 was expected to see the addition of
about 8 million TEU. This would include new facilities in Turkey, India and the
Netherlands, and added capacity 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 said in the
statement.

In 2014, DP
World acquired Economic Zones World, which includes a logistics park, for $2.6
billion. The deal closed on March 17; it was expected to add 15 percent to
earnings per share in the first full year.

The company set
its 2014 ordinary dividend at 23.5 cents per share, almost the same as the 23
cents dividend for 2013.

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