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

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)
FILE - In this Feb. 8, 2009 file photo, cranes off load containers at the Jebel Ali Port Terminal 2 in Dubai, United Arab Emirates. 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/Kamran Jebreili, File)

DUBAI, United Arab Emirates — 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.

Must Read

Two-day Gulf summit ends within hours amid Qatar...

Dec 5, 2017

Kuwait's emir has quickly ended a troubled summit of the Gulf Cooperation Council amid the ongoing...

The Latest: Kuwait's emir quickly ends troubled...

Dec 5, 2017

Kuwait's emir has quickly ended a troubled summit of the Gulf Cooperation Council amid the ongoing...

Kuwait ready to cooperate with Philippines after...

Apr 30, 2018

Kuwait says it stands ready to cooperate with the Philippines to address labor issues facing...

The Latest: Tusk says new thinking required in...

Oct 16, 2018

European Council President Donald Tusk says new thinking is required to end the Brexit standoff and...

Latvia loses case to suspend indicted ECB official

Feb 26, 2019

The European Union's top court has annulled Latvia's decision to suspend its chief central banker...