DP World posts 22% jump in earnings
By Adam Schreck |
March 24, 2011, Thursday
|
Print Edition
Print Edition
PORT operator DP World posted a 22-percent jump in annual profit yesterday, helped by cost-cutting efforts and a rebound in shipping fueled by the improving global economy.
The Dubai-based company generates most of its business by loading and unloading shipping containers at 49 sea cargo terminals around the world. It said its 2010 profit rose to US$451.1 million, up from US$370.1 million a year earlier.
The growth was even larger once one-time gains and charges were stripped out. The company's adjusted profit rose 35 percent to US$450.1 million.
"Almost all of our container terminals around the world are back at or ahead of volumes last seen in 2008, which was a peak year for the global container terminal industry," chairman Sultan Ahmed bin Sulayem said.
DP World is the world's third largest seaport operator, and its results provide a useful snapshot of global trade levels. It runs cargo terminals on six continents, including the Middle East's busiest in Dubai. It is primarily focused on fast-growing markets in the developing world.
Revenue increased nearly 9 percent to US$3.19 billion in 2010.
DP World said business accelerated in the second half as increased container volumes and a jump in other cargo kept its cranes busier than earlier in the year. It has said its ports handled the equivalent of 49.6 million standard 20-foot cargo containers in 2010, up 14 percent.
Business continues to improve so far this year, including in DP World's home market in the United Arab Emirates, the company said. While it's too early to say how much trade will grow, company officials say they expect further rise in 2011.
The Dubai-based company generates most of its business by loading and unloading shipping containers at 49 sea cargo terminals around the world. It said its 2010 profit rose to US$451.1 million, up from US$370.1 million a year earlier.
The growth was even larger once one-time gains and charges were stripped out. The company's adjusted profit rose 35 percent to US$450.1 million.
"Almost all of our container terminals around the world are back at or ahead of volumes last seen in 2008, which was a peak year for the global container terminal industry," chairman Sultan Ahmed bin Sulayem said.
DP World is the world's third largest seaport operator, and its results provide a useful snapshot of global trade levels. It runs cargo terminals on six continents, including the Middle East's busiest in Dubai. It is primarily focused on fast-growing markets in the developing world.
Revenue increased nearly 9 percent to US$3.19 billion in 2010.
DP World said business accelerated in the second half as increased container volumes and a jump in other cargo kept its cranes busier than earlier in the year. It has said its ports handled the equivalent of 49.6 million standard 20-foot cargo containers in 2010, up 14 percent.
Business continues to improve so far this year, including in DP World's home market in the United Arab Emirates, the company said. While it's too early to say how much trade will grow, company officials say they expect further rise in 2011.
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