No “profitable” US opportunities for DP World

Sultan Bin Sulayem Sultan Bin Sulayem: "There’s nothing to stop us from going there, but we haven’t found an opportunity that is profitable." Credit: DP World
Industry Database

DP World is holding off on US investment as it has not identified any profitable opportunities, the company’s chairman has said.

Sultan Bin Sulayem made the declaration at a press conference to discuss DP World’s 2018 financial results, although he confirmed that the company remained interested in US investment, reported Logistics Middle East.

“As far as the United States, there’s nothing to stop us from going there, but we haven’t found an opportunity that is profitable,” Mr Bin Sulayem said.

No confirmed M&A

DP World is currently considering “a few acquisition opportunities” globally, but could not disclose more details on those or confirm that they will be completed, Mr Bin Sulayem said.

Yuvraj Narayan, DP World’s chief financial officer, said that the company isn’t necessarily looking at ports in the US, but will take necessary action to be able to access the country’s large consumer market.

When asked about the location of any upcoming deals or where the company sees growth potential, Mr Bin Sulayem said Latin America was still a “very important” market.

In January, DP World agreed to acquire Chile ports operator Puertos y Logistica (Pulgosa). Other operations in Latin America include Suriname – Paramaribo; CDP World Callao in Peru; DP World Santos in Brazil; Terminales Rio de la Plata in Buenos Aires, Argentina; and DP World Caucedo in the Dominican Republic.

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