Port operator eyes Africa for more growth

Global port operator DP World saw a 22% increase in profits during the first half of this year, with its most significant profit growth coming from its operations in Africa, the Middle East and Europe.

For the six months to June 30, the company saw after-tax profits increase from U$432 million in 2014, to U$529 million this year.

Africa has been identified as a major growth market, said DP World chairman Sultan Ahmed bin Sulayem, adding that “Africa has a huge global advantage, significant construction activity and we are studying locations for potential expansion.”

Sulayem pointed out that DP World’s parent company, Dubai World, launched P&O Ports in March with the intention of operating small- to medium-sized “troubled” ports around the world, many of which would be located in Africa’s emerging markets.