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DP World reports jump in H1 profit

DUBAI: August 18, 2016. Port terminal operator DP World has reported a 10.2 percent increase in revenue for the first six months (H1) of 2016 of US$2.09 billion. Net profit rose 47.8 percent to US$673 million. TEU throughput expanded 1.6 percent to reach 14.6 million.

The company said it invested US$586 million in H1 and expects to spend a total of US$1.2-1.4 billion by the end of the year in expanding Jebel Ali (UAE), Jebel Ali Free Zone (UAE), London Gateway (UK), Prince Rupert (Canada), JNP Mumbai (India), and Yarimca (Turkey).

"This financial performance has been achieved despite uncertain market conditions, which once again demonstrates the resilient nature of our portfolio," commented DP World chairman and CEO Sultan Ahmed Bin Sulayem. "The outlook for trade growth remains uncertain; however, we believe our portfolio is well positioned to continue to outperform the market. Looking ahead to the second half of the year, we expect throughput performance to improve, and like-for-like financial performance to be similar to the first half," he added.

Hyperloop 1Reviewing DP World's operation during the period, CFO Yuvraj Narayan said while volumes in the UAE were down 6.0 percent in H1, there was strong growth in Europe mainly driven by London Gateway. In Asia Pacific and the Indian Subcontinent results were "generally positive" with overall volume growth of 6.6 percent as the region benefited from new capacity in Mumbai. However market conditions in Australia and the Americas have been challenging, he added, due to volatile currencies and weaker commodity prices that have resulted in less economic growth.

In a related investment move, DP World has signed an MoU with U.S.-based Hyperloop One (right) for feasibility studies that analyze the value of using Hyperloop systems to move containers from Jebel Ali Port to a new inland container depot in Dubai.

Headquartered in Los Angeles, Hyperloop is planned to move people or goods anywhere in the world on-demand and with minimal impact to the environment. The system uses electric propulsion to accelerate a passenger or cargo vehicle through a tube in a low-pressure environment. The autonomous vehicle levitates slightly above the track and glides at faster-than-airline speeds over long distances.

"The world is changing at a pace never seen before in our history and we intend to be part of a new revolution in transport, connecting markets and economies around the world," said Bin Sulayem. "This is an example of leading innovation in our industry and pushing the boundaries in the delivery of goods. The potential to use these kind of technologies in emerging markets outside the UAE such as Africa and Asia with large land mass is significant."

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