Growth in trading volumes boosts DP Wold profits

23/03/2011 - Dubai Investment News Posted by Bob Brunskill
Growth in trading volumes boosts DP Wold profits

Dubai's state-controlled port operator, DP World, has revealed that its full year profits for 2010 have risen by 35 per cent.

The organisation said that the increase has been primarily driven by growth in trading volumes with other nations and new cost cutting procedures.

In total, DP World said in a statement to Nasdaq that profit for the year was $450 million, up from $333 million a year earlier.

Shipping volumes also rose by 14 per cent, the company said.

Chief executive officer Mohammed Sharaf said the company expected further growth in 2011.

"In the first two months of 2011 we have seen 12 per cent volume growth across our consolidated portfolio with further margin improvement from the full year 2010," he told the news provider.

Mr Sharaf forecast that further progress will be made as the year continues, despite continuing economic fragility and political turbulence in some parts of the world.

DP World is one of the largest marine terminal operators in the world, with terminals and developments across 31 countries.ADNFCR-2019-ID-800473784-ADNFCR