DP World reports profit of $749 million
Dubai: DP World, a leader in international marine terminal operations and development, logistics and related services, has announced a USD 749 million profit from its global portfolio of marine terminals for the twelve months ending 31 December 2012.
"DP World delivered profit for the year of USD 749 million following a strong year of operational performance from its global operations, prudent financial management and proactive management of assets, whilst continuing to invest in the future growth of the Company," DP World Chairman, Sultan Ahmed Bin Sulayem said.
Revenues of the Dubai based company increased 5 percent to USD 3,121 million while profit for the year rose by 10 percent at USD 749 million.
"DP World continues to improve cash generation with net cash from operating activities at USD 1,231 million," the company said in a statement yesterday.
"This has helped reduce net debt to USD 2.9 billion and strengthen our balance sheet, positioning us strongly as we continue to invest in quality long term assets," it said.