DP World profit soars 22 pct in first half-year

Dubai Ports (DP) World, the third biggest maritime container port operator globally, said Thursday that its profit rose 22 percent in the first half of this year.

DP said the increase in profit attributable to owners of the company for the period, to 405 million U.S. dollars, was driven by its acquisition of Economic Zones World, the mother firm of Dubai's Jebel Ali free zone.

Jebel Ali free zone also owns the Jebel Ali free port, the headquarters of DP World and the biggest man-made container port in the world. More than 7,100 companies, including 100 of the Fortune 500, operate inside Jebel Ali free zone, according to a post on the zone's website.

The company, which operates 65 commercial ports across six continents, said its revenues in the first half of 2015 increased by 14.5 percent year on year to reach 1.9 billion dollars.

DP World's chairman, Sultan Ahmed Bin Sulayem, said the results have been achieved "despite uncertain market conditions," which demonstrate the "well diversified and resilient nature" of the group's portfolio.

"In 2015, we have invested over 3.5 billion dollars in acquisitions and expansionary capex (capital expenditures)," he said. "This investment leaves us well placed to capitalize on the significant medium to long-term growth potential of this industry."

Shares of DP World are traded on NASDAQ Dubai. Due to increased volatility at global financial markets in the wake of recent currency devaluations in the emerging markets, DP World shares have lost 13 percent in value in August so far. The year-to-date loss of the share stands at 6.10 percent. Endit