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Profit, debt increase for DP World

DUBAI: DP World has reported a 22.3 percent increase in profit of US$455 million for the first half of 2015 and a 14.5 percent rise in revenue of US$1.9 billion compared to the same period last year.

The company said revenue had been boosted by its US$3 billion investment in Fairview Terminals (Canada) and Dubai-based Economic Zones World (EZW), a global developer and operator of economic zones, technology, logistics and industrial parks.

DB World Nhava ShevaEZW's current portfolio includes Jafza, one of the world's largest free zones; TechnoPark, a researchdriven business and industrial park and Dubai Auto Zone. EZW has ongoing projects across Asia, Africa, the Middle East, Europe and Americas.

DP World reported a 3.5 percent rise in container throughput in H1 to reach 14.38 million TEUs compared to the same period in 2014. The company said it will reach a global handling capacity of 85 million TEUs by the end of the year after adding space for two million more TEUs at Jebel Ali and 0.8 million at Yarimca, Turkey.

Group CEO Mohammed Sharaf said the company spent US$597 million adding over three million TEU of new capacity in the first half of 2015 with projects in Rotterdam, Nhava Sheva (right) now operational. Capex for 2015 remains unchanged at $1.6-1.9 billion, which includes $200 million for EZW.

Net debt increased from US$2.3 billion to US$5.8 billion in H1 compared to the same period last year and free cash fell to US$2.5 billion, in part due to funding the EZW acquisition.

Sharaf said the macroeconomic environment remains challenging with geopolitical uncertainty causing currency fluctuations in Europe, as growth rates in China have slowed. "Despite these hurdles DP World has continued to deliver a resilient financial performance reinforcing our view that operating a diversified portfolio with a focus on faster growing markets, and origin and destination cargo, will deliver superior earnings growth."

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