DP World profit leaps 22%

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DP World profit leaps 22%

DP World profit leaps 22%

(Dubai) – DP World announced a 22 per cent increase in net profit for the first six months of the year and its chairman said Iran, Africa and Latin America are future growth markets.
“We are very interested in emerging markets and Africa is top of our list of places where we would like to expand, as well as the Pacific side of Latin America,” DP World chairman Sultan Ahmed bin Sulayem told.
“Africa has a huge global advantage, significant construction activity and we are studying locations for potential expansion,” he explained.
The chairman also mentioned that the Dubai company is also in talks with authorities to start port operations in Iran.
“Iran has a good land bridge of rail that will connect the Silk Route from China to Europe,” Bin Sulayem added.
The company, one of the world’s largest port operators with a portfolio of more than 65 terminals globally, reported a 21.9 per cent net profit rise, helped by the acquisition of logistics infrastructure firm Economic Zones World to $405 million.
Its revenues were up 14.5 per cent. Capital expenditure guidance for 2015 remains unchanged at between $1.6 billion and $1.9 billion. Bin Sulayem told reporters growth in the Asia-Pacific had been particularly strong despite uncertain market conditions, and insisted that the company had yet to see any impact from China’s stock market meltdown this week.
(Courtesy WAM)