Dubai’s DP World posts rise in 2019 profit

DUBAI — Dubai port and logistics giant DP World said on Wednesday its net profit for 2019 rose 4.6 per cent on increased trade and returns from acquisitions.

The global provider, which runs port operations in more than 40 countries, said in a statement that it posted a net profit of $1.33 billion in 2019, compared to $1.27 billion the previous year.

The state-owned company said its revenue for the year rose 36.1 percent to $7.67 billion, with important contributions from the latest acquisitions.

They included P&O Ferries in the United Kingdom, Topaz Energy & Marine in the United Arab Emirates, and two terminals in Chile — Puerto Central and Puerto Lirquen — as well as the full year impact from Continental Warehousing Corp. in India, Cosmos Agencia Maritima in Peru, and the Unifeeder Group in Denmark.

However, the company was not sure about the future outlook. 

“The near-term outlook remains a cause for concern with global trade disputes, Covid-19 outbreak and regional geopolitics, causing disruption to trade,” said DP World chairman and CEO Sultan Ahmed bin Sulayem.

DP World capital expenditure for the year, stood at $1.1 billion — short of the planned $1.4 billion. 

It said it plans to invest up to $1.4 billion this year.