Dubai’s DP World profit rises 28% in FY15

Dubai-based ports operator DP World on Thursday said its profit rose 28.2 percent to $970 million for fiscal year 2015, as compared to the previous year.

Revenue grew 16.3 percent year-on-year to $3.96 billion, supported by the acquisition of Economic Zones World from Dubai World, the company said in a statement to Dubai Financial Market.

The company also announced that the total dividend per share increased by 28 percent to $0.30.

“In 2015, we have invested approximately $5.4 billion with $4 billion in acquisitions and $1.4 billion in capex, and this investment leaves us well placed to capitalize on the significant medium to long-term growth potential of this industry,” said group chairman and CEO Sultan Ahmed Bin Sulayem.

“The Board of DP World is recommending increasing the dividend by 28 percent to a total dividend of $249.0 million, or 30.0 US cents per share to reflect the increase in our earnings,” he added.

Sulayem said the company is set to deliver more than 100 million TEU (twenty-foot equivalent units) of capacity by 2020.