DP World 2012 profits up 21% on 2011

Ports firm made $555m last year driven by asset sales

NEWS, Business, DP World

DP World has announced profits of $555m in 2012, up 21% compared with $459m in 2011, helped by asset sales.

The world’s third-largest ports company said gross container volumes were up 2% to 56 million twenty-foot equivalent units on growth in Africa, the Middle East, South America and Asia.

Revenue for the period rose five per cent to $3.1bn driven by strong growth in the Middle East, Europe and Africa region.

The rise in net profit attributable to shareholders beat mean estimates of $511 million by analysts. Profit attributable to owners of the company was 10 per cent ahead at $749m, the company said in a statement.

DP World chairman, Sultan Ahmed bin Sulayem said the increased profit for the year followed a strong year of operational performance from the company’s global operations, prudent financial management and proactive management of assets. “This year, we have continued to actively manage our portfolio to maximum advantage, divesting non-core or low return assets. This has enabled us to move capital into those markets where we see more profitable returns whilst strengthening our capital base,” he said.

DP World announced the sale of its stakes in two Hong Kong container terminals and a logistics centre for $742m this month as part of a strategy to sell non-core assets and refocus on its strength in emerging markets. It made $249 m from asset sales in Australia, Europe and the Middle East last year.

The port operator, which manages more than 60 terminals across the globe, announced a dividend of $199m, or 24 US cents per share; 10 per cent increase in ordinary dividend to 21 US cents per share and special dividend of three US cents per share.

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