DP World Earnings Jump in 2018
- Business & Finance
Dubai-based port operator DP World expressed its optimism about future performance despite international trade tensions, as it delivered a 10.2% rise in profit in 2018.
“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.
The company’s profit for the period reached USD 1.29 billion, increasing by 10.2% from USD 1.77 billion reported in 2017. Revenue grew by 19.8% to USD 5.6 billion in 2018, compared to USD 4.7 billion seen in a year earlier. The growth was driven by acquisition of Drydocks World, Dubai Maritime City (DMC), Cosmos Agencia Maritima, Continental Warehousing Corporation (CWC) and Santos consolidation, the company explained.
“These acquisitions offer strong growth opportunities and enhance DP World’s presence in the global supply chain as we continue to diversify our revenue base and look at opportunities to connect directly with the owners of cargo and aggregators of demand.”
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).