DP World profit grows 52%, container volume up 18% in 2007

Dubai-based container terminal operator Dubai Ports World on Monday said it made $420 million in after-tax profits in 2007, a 52 percent jump over 2006.

DP World, which manages 43 terminals in 28 countries, and also has 13 terminals under development, saw revenue grow 32 percent to $2.7 billion. Part of that growth came an 18 percent rise in container volumes over 2006, with the operator's flagship Jebel Ali Port in Dubai surpassing the 10 million TEU mark for the first time.

This is an excellent set of results driven by DP World's well-positioned portfolio, which benefits from the strong Asia to European trade routes and the growth of container cargo in the faster growing economies of the emerging markets, DP World Chairman Sultan Ahmed Bin Sulayem said in a statement. "This is a trend we expect to continue. This outstanding result, a 52 percent growth in profits, was achieved at the same time as the company made significant business wins and undertook an initial public offering. DP World also successfully accessed the international debt market for the first time during the year.

Source:  American Shipper