DP World profit up 67%

30/03/2012 07:31 AST  Khaleej Times

Global container terminal operator DP World on Thursday reported a “better than expected profit” of $751 million for 2011, up 67 per cent on 2010.

The world’s third largest container terminal company said it benefited from the improvement in global container volumes while retaining a very clear focus on generating additional revenue, driving productivity and managing costs.

The strong results come in the wake of the Dubai-based group’s announcement that it would pay off $3 billion of debt months before it becomes due by using existing cash resources.

In a statement, the company said a growth in container volumes has resulted in Ebitda of $1.307 billion and an Ebitda (Earnings Before Interest, Taxes, Depreciation and Amortisation) margin ahead of expectations at a record 43.9 per cent. “When compared with the previous 2010 year, underlying volume growth was nine per cent, with underlying revenue growth of 14 per cent and underlying Ebidta growth of 19 per cent.”

The company said it profit attributable to the owners of the company, after separately disclosed items, was $683 million, “significantly ahead of the prior year as strong profit growth from operations was supplemented with a one-off gain from separately disclosed items including the profit on the monetisation of 75 per cent of our Australian terminals.” This resulted in earnings per share of 82 cents.

In the Middle East, Europe and Africa region, Ebidta grew nine per cent to $861 million, with a margin of 45.7 per cent. In the Asia Pacific & Indian Subcontinent region, earnings increased 26 per cent to $322 million with a significantly improved margin of 64.5 per cent. The Americas and Australia region posted earnings of $203 million.

For more on this Click Here

Economic and Business News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

Most Viewed Companies
Ticker Price Volume
SECO 14.3 4,551,563
GFH 0.19 30,000
EMAAR 10.95 44,398,091
RIBL 34.9 959,092
STC 65.75 2,372,811
DIB 6.87 23,759,392
Recent News

French growth to reach 1pc in 2014, rising to 2.25pc in 2017: govt
PARIS: France is expected to post growth of 1 percent in 2014 and 1.7 percent in 2015, the government said Wednesday.
Output growth is then expected to expand to 2.25 percent for the following

Ooredoo & Rocket Internet Partner to Develop Online Businesses in Asia
Ooredoo Q.S.C. today announced a partnership with the internet incubator Rocket Internet, to jointly develop eCommerce and other digital services in Asia.

Ooredoo and Rocket Internet will

Kenyan shilling eases, seen under pressure
NAIROBI: The Kenyan shilling weakened against the dollar on Tuesday due to demand from manufacturers, and traders expect it to ease further in the days ahead.

At 0730 GMT commercial banks

UK deficit falls to lowest level since start of financial crisis
George Osborne just met his full year borrowing target in 2013-14, with the UK deficit falling to its the lowest level since the beginning of the financial crisis.

Government borrowing tot

Seef Properties reports profit of BHD 1.56 Mln for 1st Q 2014
Chairman of Seef Properties, Mr. Essa Mohamed Najibi announced the company’s Consolidated financial results for first quarter 2014 where the company recorded net profit of BHD 1.56 Million representi

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend


Are you satisfied with your full-service broker?