DP World Sees Growth Ahead of Markets as Annual Profit Rises 15%
DP World Sees Growth Ahead of Markets as Annual Profit Rises 15%
(Bloomberg) -- DP World Ltd., the Dubai-owned company that operates ports from China to South America, expects to grow “ahead of the market” this year after full-year profit rose 15 percent.
Net income advanced to $1.18 billion in 2017 from $1.02 billion a year earlier, matching the mean estimate of nine analysts compiled by Bloomberg. Revenue grew 13 percent to $4.72 billion, while consolidated throughput jumped 25 percent to 36.5 million twenty foot equivalent container units.
“As we look ahead into 2018, geopolitical headwinds in some regions pose a challenge, but we expect to continue to grow ahead of the market and see increased contributions from our recent investments,” DP World Group Chairman Sultan Ahmed Bin Sulayem, said in the statement.
The company announced a dividend of 41 cents a share, up from 38 cents last year.
DP World expects to spend $1.4 billion on capital expenditure in 2018 with investments planned mainly in the United Arab Emirates, Ecuador, Somaliland, South Korea, Mozambique and Egypt. An improved trading environment and market share gains helped DP World deliver “ahead-of-market volume growth in 2017,” it said.
To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net.
To contact the editors responsible for this story: Dana El Baltaji at delbaltaji@bloomberg.net, Stefania Bianchi, Claudia Maedler
©2018 Bloomberg L.P.