UAE- DP World H1 profits up 36%

27 Aug 2011

(MENAFN) The ports operator based in Dubai, DP World, reported a net income for the first half of the year increased fourfold to USD705.3 million compared with about USD176.6 million in the same period last year, and profit rose 36 percent to USD281 million, reported Bloomberg.

DP World stated that its net debt amounts to USD3.74 billion. However, The company is confident in its ability to manage its upcoming debt maturities following the sale of its Australian operations for USD435.5 million, which have left it with USD4.1 billionn of cash on its balance sheet.

DP World said that its revenue grew by 3 percent to USD1.5 billion during the first half of the current year, slower than would have been tallied had the company not sold its Australian assets.

The head of Middle East and North Africa region portfolio management at Schroders, Rami Sidani, said that the company added that a 10 percent increase in non-container revenue was one clear sign of growth.

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