Sultan Ahmed bin Sulayem, the group chairman and CEO of Dubai-backed port operator DP World, left, speaks with DP World's Chief Financial Officer Yuvraj Narayan, in Dubai, United Arab Emirates, Thursday, March 14, 2019. Global port operator DP World said Thursday its profit rose 10 percent in 2018, overcoming worldwide tensions over trade amid a trade war between China and the U.S. and fears about Britain leaving the European Union. (AP Photo/Jon Gambrell)

Dubai-based port firm DP World reports $1.29B profit in 2018

March 14, 2019 - 5:46 am

DUBAI, United Arab Emirates (AP) — Global port operator DP World says its profit rose 10 percent in 2018 despite worldwide tensions over trade amid a trade war between China and the U.S. and fears about Britain leaving the European Union.

The port operator on Thursday reported profits of around $1.29 billion, up from around $1.17 billion the year before.

Its revenue for the year was $5.6 billion, up from $4.7 billion the year prior. That's a revenue increase of 19.8 percent for the port operator.

DP World has expanded aggressively into new markets, including into East Africa, where the Emirati government as well has begun building new military bases. In February, Al-Shabab militants shot and killed a Maltese man working for DP World in Somalia, saying the UAE firm "occupies" the area.

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