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DP World eyes Panama as net profit jumps

DUBAI: March 22, 2017. DP World has reported a 29.9 percent rise in net profit for 2016 to US$1.26 billion, on a 4.9 percent increase in revenue to total US$4.16 billion. Consolidated throughput of TEUs at its own terminals rose 0.4 percent to 29.24 million during the period.

Last year the group spent US$1.3 billion on investments that included Canadian container terminals in Vancouver and Prince Rupert plus Pusan in South Korea as global TEU capacity reached 85 million – a number expected to rise to over 100 million by 2020.

DP World Jebel Ali"Our aim is to continue our disciplined approach to capital allocation in markets with strong growth potential while adding complementary or related services to further diversify and strengthen our business," commented DP World Group chairman and CEO Sultan Ahmed Bin Sulayem.

Noting 2017 is expected to be another challenging year for global trade, Bin Sulayem said the group had made "an encouraging start" - including a meeting with the president of Panama Juan Carlos Varela to explore logistics opportunities relating to an expanded Panama Canal.

"Panama is central to the development of trade in the region and a vital artery for commerce – serving surrounding nations and connecting oceans," observed the DP World chairman.

Noting the visit to the port of Jebel Ali (right) on March 26 by Augusto Arosemena, Panama's minister of Commerce & Industry, Bin Sulayem said he would be discussing how DP World could contribute to the development of Panama's economy and support its business community.

"The expanded Panama Canal has boosted capability to handle increased cargo and larger vessels so the development of logistics and locations for business to take advantage of its increased capabilities are important for the government," he added.

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