Dubai-based global ports operator DP World reported a 28% y-o-y rise in net profit for the full year ending December 31, 2016, Invest-Gate reports.
DP World, which operates 77 terminals on six continents, says it has posted profit of USD 1.13 bn last year, up from USD 883 mn in 2015.
“We are pleased to announce another set of strong financial results for 2016, as we delivered earnings in excess of USD 1 bn and above 50% EBITDA (Earnings before interest, tax, depreciation and amortization) margins for the full year for the first time,” says DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem.
The Emirati port operator’s CEO adds that the company’s volumes have continued to grow ahead of the market, with gross volumes upped by 3.2%.
“In 2016, we invested USD1,298 mn across our portfolio in markets with strong demand-and-supply dynamics,” Bin Sulayem says.
While 2017 is expected to be another challenging year for global trade, the company has made an encouraging start to the year and expects to continue to deliver ahead-of-market volume growth, he adds.
“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,” he says.