DP World’s profit surged 21 percent in 2012 as the world’s third-largest container terminal operator shed assets in mature markets to focus on faster growing emerging markets.
The Dubai-based group’s net income rose to $555 million from $459 million in 2011, boosted by a $249 million profit on the sale of stakes in terminals in Australia and Europe.
Revenue grew 5 percent to $3.12 billion, driven by increased traffic in the Middle East, Europe and Africa, and earnings before interest, tax, depreciation and amortization were 8 percent higher at $1.4 billion.
“We have continued to actively manage our portfolio to maximum advantage, divesting non-core or low-return assets. This has enabled us to move capital into those markets where we see more profitable returns while strengthening our capital base,” DP World Chairman Sultan Ahmed Bin Sulayem said.
The company, which is controlled by the Dubai government, continued to shed assets this year, booking a $151 million profit from the $742 million sale of stakes in two container terminals and a logistics park in Hong Kong earlier this month.
Container traffic across the global network of more than 60 terminals rose 2 percent in 2012 to 56 million 20-foot-equivalent units, while throughput at the group’s consolidated terminals was 1 percent higher at 27 million TEUs.