DP World Profit Rises to $683 Million

The UAE-founded international ports company has cut its debts.

DP World, the world’s third-largest port operator, has made a 2011 net profit of $683 million attributable to the company owners after separately disclosed items, it said in a statement on Thursday.

DP World said the company’s gross cash flow from operations at the end of 2011 increased to $1.16 billion, with net debt reduced to $3.58 billion.

The board recommended an increased dividend distribution to $199 million, or 24 cents per share.

The ports firm has announced major expansion plans in the last year.

“Investment in ports and logistics is always a long term investment,” Sultan Ahmed bin Sulayem said recently after announcing the landmark deal to build London Gateway, Britain’s first deep-sea container port in more than a quarter century.

DP World stated recently that the port would commence operations by Q4 2013 and it will commit $1 billion to its construction over the next three years.

DP World also will invest $850 million into creating a new terminal at its flagship Jebel Ali port over the next three years, from its existing resources.

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