DP World leaps after unloading stakes

The Dubai group behind the London Gateway deep-sea container port project on the north bank of the River Thames has unveiled a big jump in profit after offloading stakes in projects across the globe.

DP World, which bought out P&O for £3.9 billion in 2006 and is listed on the London and Nasdaq Dubai stock exchanges, revealed a $555 million (£367 million) profit for 2012. This marks a 21% increase for the world’s third-biggest port operator, though the figure was boosted by $249 million of profit from asset sales, such as a stake in a company that runs terminals in Yemen. Owned by debt-laden Dubai World, DP has been restructuring its portfolio, which includes 60 terminals in six continents, as it looks for growth markets when the global economy remains treacherous.

Chief executive Mohammed Sharaf said: “Operating conditions in each of our markets in the first two months of 2013 have been consistent with those experienced at the end of last year and the economic environment continues to remain uncertain.”