Dubai-based DP World, one of the world’s largest international port operators, says its full-year profits in 2016 rose nearly 28 percent and revenue climbed almost five percent.
The company said in its release Monday that its operations in Dubai’s Jebel Ali Free Zone and Canada’s Prince Rupert Terminal helped buoy its earnings to $1.13 billion, an increase of nearly $250 million from its 2015 profits.
The government-backed port operator’s revenues in 2016 reached $4.16 billion compared to $3.9 billion in 2015. DP World, which trades on the Nasdaq Dubai, operates more than 77 ports in 40 countries.
The firm projects $1.2 billion in capital expenditure this year with investments planned in ports in the United Arab Emirates, Canada, Senegal, the UK and Somaliland.