FINANCIAL NEWS

DP World 2010 profit up 35%

23 Mar 2011

(MENAFN) Dubai’s DP World chief executive officer, Mohammed Sharaf, said that profits in 2010 hiked by 35 percent as the volume of trade increased while cost was mitigated, reported Arabian Business.

Sharaf said that profits amounted to USD450 million in 2010, compared to USD333 million that were reported for 2009. In addition, Sharaf said that revenue increased by nine percent, year on year, hitting USD3.1 billion.

The CEO added that the company is seeing positive results due to a twelve percent volume increase in its consolidated portfolio, as well as an improvement in profit margins caused by a reduction of costs.

It is worth noting that DP World is 77 percent owned by Dubai World, a company that is currently struggling with debt restructuring, and is currently under regulator pressure to sell assets for debt reduction purposes.

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