Dubai-based port operator DP World says it is on track to list on the London Stock Exchange in 2011 after it reported a $450m net profit for 2010.
This is a 35 per cent rise compared with $333m the previous year.
“We have submitted the 2010 results to the exchange. It now depends on the process in London. We are hoping to do it as soon as possible,” says Mohammed Sharaf, chief executive of DP World.
In December 2010, the firm sold a 75 per cent stake in its Australian ports for $1.5bn as it moved to reduce its debt (MEED 23:12:10).
Under the terms of the deal, DP World will keep a 25 per cent stake in its Australian port operations and will continue to manage the ports in Brisbane, Sydney, Melbourne, Adelaide and Fremantle.
Overall, shipping volumes also increased 14 per cent last year. The UAE, which includes Dubai’s Jebel Ali port, one of the world’s busiest container-handling facilities, saw volumes rise 4 per cent.
Sharaf is confident that volumes will continue to perform well in 2011.
“In the first two months of 2011 we have seen 12 per cent volume growth across our consolidated portfolio, with further margin improvement from the full year 2010,” says Sharaf.