Dubai: DP World Ltd, the world’s fourth largest port operator, said first half profit more than doubled on African acquisitions and higher capacity at its Dubai hub.
Net income from continuing operations in the six months ended 30 June rose to $287 million (Rs1,254 crore), or 1.67 cents a share, from $129 million, or $0.78 cents a share, the year earlier period, the Dubai government-controlled company said in an emailed statement on Thursday. Profit beat the $244.3 million estimate of three analysts surveyed by Bloomberg.
DP World, which operates 45 terminals from Europe to China, last month reported container volume jumped 21% in the first half, helped by growth in India and West Asia. In 2007, the United Arab Emirates’ company gained control of Egypt’s Sokhna Port at the southern entrance to the Suez Canal, its third on the Red Sea, after Jeddah in Saudi Arabia and Djibouti in east Africa. This year it will raise capacity at its flagship Jebel Ali port in Dubai by more than a quarter.
Dubai is spending billions of dollars on finance, tourism and infrastructure projects to diversify its economy. DP World raised $4.96 billion in a public initial share sale in November, West Asia’s largest.