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

By Associated Press , Somalia
DP World is making a second acquisition of Dubai-based entities in three years. Pawan Singh / The National

DUBAI, UAE - 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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