UAE’s port operator DP World posts 10% rise in profits to $1.29bn in 2018 amid China-US trade war

DP World, the Dubai-based ports operator, reported on March 14 a 10.2% jump in its net profit for 2018 as revenues grew, driven by acquisitions of other companies.

The company recorded $1.3bn in profit for the year attributable to owners after separately disclosed items, compared to $1.18bn in 2017. The growth came even as DP World cited trade disputes around the world and geopolitical challenges.

In a statement, the company said it expects to continue delivering growth in 2019 despite an “uncertain” outlook.

“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,” said Sultan Bin Sulayem, DP World Group chairman and chief executive officer.

The company’s board is recommending an increase in dividends by 5% to $365.9m, or 43 US cents per share.

This edited article first appeared in Gulf News.