Dubai – Mubasher: Dubai-based global ports operator DP World posted a 27.6% year-on-year rise in its profits by the end of 2016, according to a statement.
Profits rose to $1.127 billion in 2016, compared to $883 million in 2015.
The parent company’s profits attributable to shareholders increased 15.5% to $1.02 billion in 2016, compared to $883 million in 2015.
Revenues grew 4.9% to $4.163 billion in 2016, compared to $3.968 billion in 2015.
The board of DP World recommends increasing dividend by 26.7% to $315.4 million, or 38.0 cents per share, reflecting the strong earnings growth in the year.
The group expects over 100 million Twenty-foot Equivalent Unit (TEU) of gross capacity by 2020, subject to market demand.
"We expect capital expenditure in 2017 to be $1.2 billion with investment planned into Jebel Ali (UAE), Prince Rupert (Canada), Berbera (Somaliland), Dakar (Senegal), and London Gateway (UK)," the company said.
