DP World, Dubai-based port operator, delivered a 10.2% rise in profit in 2018.
The company’s profit for the period reached USD 1.29 billion, increasing by 10.2% from USD 1.77 billion reported in 2017.
“Current year has started with trading in line with expectations and whilst the near-term outlook remains uncertain with the trade war and geopolitical headwinds, we expect our portfolio to remain resilient and see increased contributions from our recent acquisitions and investments,”Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO, said.
Revenue grew by 19.8% to USD 5.6 billion in 2018, compared to USD 4.7 billion seen in a year earlier.
Acquisition of Drydocks World, Dubai Maritime City (DMC), Cosmos Agencia Maritima, Continental Warehousing Corporation (CWC) and Santos consolidation helped to make such successful results.
DP World expects capital expenditure in 2019 to be up to USD 1.4 billion with investment planned mainly into UAE, Posorja (Ecuador), Berbera (Somaliland), Dakar (Senegal) and Sokhna (Egypt).