By: Amr Adel
Dubai – Mubasher: DP World is planning to annually inject up to $1 billion in global investments until 2020, company chairman and CEO Sultan Ahmed Bin Sulayem stated on Monday.
As for growth, 2017 was a good year, compared to 2016, and the company has sought to achieve 10% growth throughout the year and hoped to sustain that expansion in 2018, Bin Sulayem added.
The chairman stressed that DP World’s large budget has enabled the company to make further investment and acquisitions, noting that the company was about to acquire Dubai Maritime City and Drydocks World in consideration of $180 million and $225 million, respectively.
DP World’s profit in 2017
Answering a question about the company’s profits in 2017, Bin Sulayem said that DP World is a listed company and could not discuss its profit right now, adding that it would be disclosed in March 2018.
Analysts on the market forecast that the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) in 2017 would reach $2.5 billion, while net profits were estimated at $1.2 billion.
We want to yield big returns through regional and global expansions, in addition to weighing up best financing methods, such as sukuk and banks, Bin Sulayem remarked.
The container terminal number 4 at Jebel Ali Port is ready for launching, and will be operational according to the market needs, the top official commented.
Port of Ain Sukhna is operating normally and generating good returns, Bin Sulayem added, noting that DP World has signed an agreement with the Egyptian Government to develop industrial, commercial, and residential zones in a bid to boost the ports’ operations.
The Value-added tax
With regard to the implications of the levying of the value-added tax (VAT), DP World’s chairman and CEO made it clear that the impact on the company was insignificant.
The company is operating in different regions and countries around the globe, where the VAT is already into effect, Bin Sulayem explained.
So far, what seems like the VAT's negative impact on consumers, is a psychological one.
Translated by: Muhammad Khalid
