dp world holds its second annual general meeting (agm)

DP World Limited today held its Annual General Meeting for the year ending 31 December 2008. 
Mohammed Sharaf, CEO made the following statement at the meeting:
“As reported on the 25 March 2009, 2008 was another year of excellent performance for DP World where our focus on the faster growing emerging markets and origin and destination cargo allowed us once again to outperform the market.  Profit after tax was in excess of $600 million and cash generation in excess of $1 billion.
“As highlighted in our preliminary results, the unpredictable trends in global trade have continued into 2009, resulting in a volume decline across our business of 10% for the first four months of the year.  The UAE region continues to be less impacted than other regions. 
“Our focus on cost reduction has mitigated the impact of the decline in volumes on margins and profitability so far this year.  However, the unpredictable trends in global trade continue and it is too early to comment with any certainty on the volumes and earnings outcome for 2009.”
The Board of DP World has no further update concerning discussions between Dubai World and a regional private equity firm beyond the statement made by the Company on 10 May 2009.
The voting results for all of the AGM resolutions will be available on www.nasdaqdubai.com and www.dpworld.com within the next 24 hours.