DP World generates Dh5.3 billion cash flow

Dubai - The company, which has a portfolio of 70 marine and mainland terminals across six continents, said the strong cash generation was due to the group's ambitious expansion plan and growth of its portfolio of global terminals and business volumes, particularly in Mumbai in India and Yarimca in Turkey.



By Isaac John

Published: Thu 31 Mar 2016, 12:00 AM

Last updated: Thu 31 Mar 2016, 8:59 AM

 DP World, the Dubai-based global marine terminal operator, said on Wednesday it generated a cash flow of Dh 5.3 billion as at December 31, 2015, in spite of the global economic slowdown and world trade slump.
The company, which has a portfolio of 70 marine and mainland terminals across six continents, said the strong cash generation was due to the group's ambitious expansion plan and growth of its portfolio of global terminals and business volumes, particularly in Mumbai in India and Yarimca in Turkey.
Both terminals added 800,000 TEU of capacity each, in addition to 850,000 TEU capacity which came in line with the acquisition of Prince Rupert terminal in Canada, and continued expansion in London Gateway Logistics Park in UK and Jebel Ali Freezone in UAE.
DP World said it expects to make good use of such remarkable business growth and available cash pile to further boost its operations locally and worldwide. The group has allocated around $1.2 billion to $1.4 billion of capital expenditure for investments planned into Jebel Ali and Jebel Ali Freezone, UAE, London Gateway in the UK and Prince Rupert in Canada in 2016.
The company expects to boost gross global capacity to 86 million TEU by the end of 2016, an increase of nearly 15 million TEU since 2012, and over 100 million TEU of gross capacity by 2020. Sultan Ahmed bin Sulayem, Chairman and CEO of DP World and Chairman of Ports, Customs and Free Zone Corporation (PCFC), said the company's achievements culminated in a historic profit growth of 30.7 per cent to Dh3.24 billion in 2015, and revenues up by 16 per cent to Dh14.6 billion.
- issacjohn@khaleejtimes.com 


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