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DP World reports higher earnings for 2015

DP World reports higher earnings for 2015
Global port operator DP World has improved its 2015 financial results on higher container volumes moved, amidst uncertain market conditions.

DP World reported a net profit of $883m in 2015, up 30.8% from $675m in 2014. Revenue also rose 16.4% year-on-year to $3.97bn.

The port operator’s consolidated throughput increased by 2.7% year-on-year to 29.11m teu.

Ahmed Bin Sulayem, executive chairman of DP World, said the strong earnings were partly driven by the acquisition of Economic Zones World (EZW) and robust underlying growth.

“This financial performance has been achieved despite uncertain market conditions, which once again demonstrates the well diversified and resilient nature of our portfolio with its focus on high growth markets,” he said.

“Marco-economic conditions and geopolitical issues across some locations remain uncertain but we believe our portfolio is well positioned to deliver volume growth ahead of the market this year.

“We remain on course to deliver over 100m teu of capacity by 2020, while maintaining the existing shape of our portfolio that has a 70% exposure to origin and destination cargo and 75% exposure to faster growing markets.”