The chairman of DP World has forecast an improved financial performance for the company in the second half of 2017, in line with improved global trade.
The UAE ports operator last week announced a solid set of first half results with profit attributable to shareholders reaching $606 million for the six months to June 30.
This represented a marginal decline from $608m for the same period in 2016, the firm said in a statement to Nasdaq Dubai. However, earnings were up on the previous year, with revenue for the period increasing 9.6 percent to $2.29 billion.
Cash from operating activities rose $1 billion, DP World added, up from $905 million in the first half of 2016.
DP World group chairman and CEO Sultan Ahmed Bin Sulayem, said in a statement: “The steady financial performance of the first six months leaves us confident in meeting full-year market expectations.”
He cited the group’s recent investments and improved global trade as future drivers of growth.

“Encouragingly, after a challenging period, we have seen a pick-up in global trade particularly in the second quarter of the year, and that combined with the ramp-up in our recent investments in Yarimca (Turkey), London Gateway (UK), Rotterdam (Netherlands) and JNP Mumbai (India), has delivered ahead-of-market volume growth,” Bin Sulayem said.
“In the first half of 2017, we have invested $595 million of capex [capital expenditure]  in key growth markets, and announced over $170 million of acquisitions in our maritime business, which offers significant growth opportunities.
“These investments leave us well placed to deliver on our strategy to strengthen our port-related services and capitalise on the significant medium to long-term growth potential of this industry.”  
Bin Sulayem said the group’s Or balance sheet “remains strong” and continues to generate high levels of cashflow.
This gives DP World the means to invest in the existing portfolio, and make new investments “should the opportunities arise”.
From arabianbusiness.com.