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DP World's 2018 profit surges 10pc while chairman plays down trade tensions

DUBAI's DP World, one of the world's biggest port operators, has said its business could weather international trade tensions, after reporting a 10

DP World's 2018 profit surges 10pc while chairman plays down trade tensions

DUBAI's DP World, one of the world's biggest port operators, has said its business could weather international trade tensions, after reporting a 10

15 March 2019 - 19:00

DUBAI's DP World, one of the world's biggest port operators, has said its business could weather international trade tensions, after reporting a 10.2 per cent rise in 2018 profit.

'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 bin Sulayem, DP World chairman, said in a statement.



DP World announced it made a profit attributable to owners after separately disclosed items of US$1.27 billion compared to $1.18 billion in 2017. Revenue increased 19.8 per cent to $5.6 billion.



The port operator said last month that container volumes across its global terminals had risen two per cent to 71.4 million TEU, reports Reuters.



'This robust performance has been delivered in an uncertain trade environment, once again highlighting the resilience of our portfolio,' the chairman said. 'We have made good progress in delivering on our strategy of strengthening our portfolio to become a global solution provider and trade enabler with approximately $2.5 billion worth of acquisitions announced in the year.



'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.'



He added: 'Going forward, we aim to integrate our new acquisitions and drive synergies across the portfolio with the objective of removing inefficiencies in global trade, improving the quality of our earnings and driving returns.'



The company expects capital expenditure of $1.4 billion in 2019, mainly in the United Arab Emirates (UAE) where its flagship Jebel Ali Port is located, Ecuador, Somalia's breakaway region of Somaliland, and Egypt. Last year, the company invested $908 million across its portfolio.


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