DP World sails away with 11pc increase in profits and revenues

GLOBAL marine terminal operator DP World yesterday announced its profits rose to $675m (£460m) for the year ending 31 December, an 11.7 per cent increase on the previous period’s $604m.

The UAE-based port giant saw revenue jump by a similar 11 per cent to $3.41bn, up from $3.073bn in 2013.

DP World, whose flagship terminal is in Jebel Ali, Dubai, is focused on fast-growing developing markets and last year handled 28,341,000 20-foot equivalent shipping containers (TEUs), an 8.7 per cent increase compared with 2013’s figure.

“We benefitted from increased volumes across our global portfolio, including Embraport in Brazil and London Gateway in the UK which came on stream in 2013,” said Sultan Ahmed Bin Sulayem, chairman of DP World. “The acquisition of the Jebel Ali Freezone will allow us to further consolidate our position as the leading logistics hub in the fast growing Middle East region. This, combined with our ability to add new capacity to our global portfolio will enable us to deliver both earnings growth and shareholder value.”

Last year, DP World invested $807m in expanding capacity at its Jebel Ali port and continuing work on its new facilities in Turkey, India and the Netherlands.