DP World Profit up 8 Percent to $1.36 Billion in 2017

Board recommends higher dividends of 41 US cents per share.

DP World, the Nasdaq Dubai-listed ports operator, reported on Thursday an 8.2 per cent increase in its profits for 2017, driven by higher revenues and an improved trading environment.

Profits for the year reached $1.36 billion (Dh49 billion), up from $1.26 billion (Dh46 billion) in 2016, as revenues in 2017 jumped 13 per cent year-on-year to reach $4.7 billion.

In a statement posted to Nasdaq Dubai’s website, DP World said it expects to continue to grow ahead of the market in 2018 and expects to see increased contributions from its new developments.

The board of DP World recommended increasing dividends by nearly 8 per cent to $340 million, which would amount to 41 US cents per share.

Sultan Bin Sulayem, DP World Group chairman and chief executive officer, said the company has made “an encouraging start to the year”, with current trading conditions in line with expectations.

Bin Sulayem is expected to appear at a press conference shortly to discuss the company’s results and comment on disputes with the governments of Djibouti and Somalia

Source: Gulf News