Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

DP World H1 profit up 26 as volumes margins rise  Join our daily free Newsletter

MENAFN - Arab News - 29/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) DUBAI: DP World one of the world's largest port operators reported a 26 percent rise in net profit for the first half of the year as its container volumes and margins increased.

The company one of the more profitable assets of debt-laden Dubai World posted a first-half net profit of 332 million.

This compares with a profit of 264 million in the corresponding period of 2013 it said in a statement.

Two analysts surveyed by Reuters had forecast DP World would make a profit of between 290 million and 300 million.

DP World's revenue for the six months ended June 30 was 1.66 billion up from 1.51 billion a year earlier.

The company's consolidated throughput in the first half of 2014 was 13.9 million TEUs (twenty-foot equivalent units) up 8.5 percent from a year earlier. This refers to volumes only at ports that DP World controls.

'The addition of new capacity and a pick-up in global trade have resulted in a return to robust volume growth' DP World chairman Sultan Ahmed bin Sulayem said in the statement.

'Our portfolio is well-positioned to capitalize on the significant medium- to long-term growth potential of this industry and we continue to seek new opportunities in the faster growing markets.'

By 2015 DP World expects to have about 85 million TEUs of capacity globally including ports in which the company does not have full control and more 100 million TEUs of capacity by 2020 subject to market demand it said.

The company's adjusted margin on earnings before interest tax depreciation and amortization (EBITDA) was 46.9 percent in the first six months of this year up from 45.6 percent in the year-earlier period.

'The near-term outlook remains encouraging however continued geopolitical issues may result in challenges as the year progresses' CEO Mohammed Sharaf said in the statement.

'We remain focused on delivering relevant new capacity in the right markets improving efficiencies containing costs and handling higher margin containers to drive profitability.'

The company which has a portfolio of about 65 terminals across six continents signed a 3 billion loan deal last month improving terms on its debt and raising funds for expansion. It conducted a 1 billion convertible bond issue in June.

 


Arab News




  MENA News Headlines
 Mar 1 2015 - Iraq predicts oil will rise to $64-65 per barrelAFP
(MENAFN - AFP) Iraqi Oil Minister Adel Abdel Mahdi said Sunday he expects the price of crude oil, which dropped to a six-year low in January, to continue recovering to reach $64 or $65 per barrel. ...

 Mar 1 2015 - Nbad- USD48t needed to meet global power demandMENAFN
(MENAFN) Energy demand in the Gulf to triple in the next fifteen years far outstripping today's supply, a report released by National Bank of Abu Dhabi (Nbad), Gulf News reported.It figures out that ...

 Mar 1 2015 - Bahrain, Russia to boost trade tiesMENAFN
(MENAFN) The Bahrain side of the Bahraini-Russian Joint Business Council held its first meeting, under the chairmanship of BCCI Chairman, Saudi Gazette reported.However, hailing the relations between ...

 Mar 1 2015 - Abu Dhabi's Eagle Hills plans new USD80b Egyptian cityMENAFN
(MENAFN) Abu Dhabi-based developer Eagle Hills is set to build a new city worth USD80 billion near Cairo, Arabian Business reported.The new city is set to include an airport, hotels, and a mall as ...

 Mar 1 2015 - S. Korean President Starts Mideast TourQatar News Agency
(MENAFN - QNA) South Korean President Park Geun-hye left for Kuwait on Sunday on a nine-day, four-nation trip to the Middle East expected to focus on wide-ranging economic cooperation beyond energy ...

 Mar 1 2015 - Car bombs kill27 in BaghdadArab News
(MENAFN - Arab News) BAGHDAD: Car bombs targeting a crowded market and Shiite militia checkpoints north of Iraq's capital killed 27 people Saturday authorities said as the country's prime minister ...

 Mar 1 2015 - Kuwait reopens Yemen embassy in AdenArab News
(MENAFN - Arab News) KUWAIT CITY: Kuwait decided to reopen its Yemeni embassy in Aden instead of the militia-controlled capital Sanaa.'In the framework of supporting constitutional legitimacy in ...

 Mar 1 2015 - Saudi- 3000 vacanciesto be availablein next episodeof 'Jobs on Air'Arab News
(MENAFN - Arab News) There will be 3000 job opportunities for unemployed young male and female Saudis as well as for foreigners during the tenth session of 'Jobs on Air' on Al Danah television ...

 Mar 1 2015 - Saudi- Al-Samaani: Judicial system impartialArab News
(MENAFN - Arab News) Saudi Arabia's justice system is based on the provisions of Islamic law derived from the Holy Qur'an and the Sunnah (tradition) of the Prophet (peace be upon him). This ensures ...

 Mar 1 2015 - Saudi- Many Madinah sites need better careArab News
(MENAFN - Arab News) Several residents in the city of Madinah have drawn attention of the competent authorities toward multiple Prophet's heritage sites and relics in the area including wells ...

more...


 






Google

Electronic & Mobile Payment

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help