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DP World continues to prosper

DUBAI: Marine terminal operator DP World has reported revenues of US$1.66 billion for the first six months of 2014 (H1) – up 9.9 percent over the same period a year ago.

Net profit rose 26 percent to US$372 million as TEU throughput increased 8.5 percent to 13.88 million. The company is not subject to income tax on its UAE operations however its overseas subsidiaries paid US$60 million in the first half of 2014.

London-Gateway DP WorldDP World invested US$350 million during H1 as part of a goal to provide operators with 85 million TEU of capacity by 2015. Earlier this month it acquired additional shares in the Trilogiport project to link Antwerp and Rotterdam to Germany, and the Netherlands with France, via a logistics hub at Liège.

The company says its involvement is a "logical step" of strengthening its presence on the Albert Canal - a traffic artery for multimodal transport linking the ports of Antwerp and Liège and where it now operates a terminal at both ends.

During 2014 the company raised US$1 billion through a convertible bond and also increased its revolving credit facility from US$1 billion to US$3 billion.

Commenting on the first half of the year, group CEO Mohammed Sharaf said: "The substantial investment program we initiated in 2012 is starting to bear fruit as new capacity aids in the delivery of stronger top and bottom line growth. We have made good progress at our recently opened greenfield projects in Embraport, Brazil and DP World London Gateway, UK and we look forward to adding a further eight million TEU of capacity to our portfolio over the next two years."

Sharaf noted the company has seen some signs of recovery in Europe; trade in the Asia Pacific and Indian Subcontinent region has bounced back; the UAE continues to grow and there has been steady performance in Latin America and Australia: "Overall we remain encouraged by the performance in the first six months," he added.

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