DP World Ltd., the world's fourth- largest port operator, may this week report first-half profit doubled on African acquisitions and greater handling capacity at its Dubai hub even as the world's biggest economies slow.
The 45-terminal operator's net income may reach $244.3 million when it reports August 28, according to the average estimate of three analysts surveyed by Bloomberg. The Dubai state-controlled firm said its profit for the same period in 2007 was $111.2 million before separately disclosable items. "The company's first-half growth is driven by an increase in cargo handling, especially in Jebel Ali, and acquisitions in Africa and Saudi Arabia," analyst Muneeba Kayani at Morgan Stanley said. The Dubai-based analyst has an "equal-weight" recommendation on the stock. DP World's $4.96 billion-public share sale in November, the Middle East's largest, has left investors disappointed as its shares have dropped 35 per cent to $0.85 since listing on the Dubai International Financial Exchange Ltd. in November. DP World last month reported container volume jumped 21 per cent in the first half, helped by growth in India and the Middle East. In 2007 the company gained control of Egypt's Sokhna Port at the southern entrance to the Suez Canal, its third on the Red Sea after Jeddah in Saudi Arabia and Djibouti, East Africa. This year it plans to raise the capacity of its base at Jebel Ali port by more than a quarter.
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