Port firm DP World sees 2019 profits drop 8.3% as it delists

Port firm DP World sees 2019 profits drop 8.3% as it delists:

Dubai-based port operator DP World said Wednesday its profits fell 8.3% to $1.18 billion in 2019, warning that global trade remains threatened by trade wars and the spread of the new coronavirus.

The annual report may be last for the port operator that’s predominantly government-owned in this sheikhdom, and which is also home to the long-haul carrier Emirates and Dubai International Airport, the world’s busiest for international travel.

DP World announced in February plans to delist from the Nasdaq Dubai over concerns about looming global economic worries, putting the firm fully back in government control.

In its results, DP World said its revenue in 2019 jumped to $7.68 billion, a 36.1% increase it attributed to a year of acquisitions by the operator. The company now operates across 51 countries around the world ranging from Brisbane, Australia, in the East to Prince Rupert, Canada, in the West.