MIDDLE EAST

DP World to sell equity stake as profits fall

17 years ago

Dubai-based private equity fund, Abraaj Capital, has been linked to a 15% stake in DP World, an approach that has been confirmed by the terminal operator.

Estimates suggest that DP World will see a 54% drop in profits this year to just $265m; it made $572m last year.

In 2009, throughput should amount to 40m teu, down 15%. Revenue is therefore projected to crash by 31% to $2.58bn. Nor will DP World benefit from record low interest rates, since many of its loans were taken out on fixed rates.