Dubai-based ports operator DP World has reported a $1.21bn profit in 2017, an increase of 7.3 per cent increase on the previous year.

The firm’s revenue rose by 13.2 per cent to reach close to $4.72bn.

Earnings per share increased in line with the growth in profit from 38 US cents in 2016 to 41 US cents.

In 2017, the ports operator  invested $1.09bn of capital expenditure across its portfolio in markets with strong demand and supply dynamics and the company says it will maintain capital expenditure discipline by bringing capacity in line with demand.

It plans to invest up to $1.4bn in 2018 in the UAE, Ecuador, Somaliland, South Korea, Mozambique and Egypt.

Gross throughput rose by 10.1 per cent to reach 70.1 million twenty-foot equivalent units (TEUs) while consolidated throughput rose 24.7 per cent to reach close to 36.48 million TEUs.

Gross throughput accounts for all consolidated terminals plus equity-accounted investees.

Overall, the firm has a spare capacity  of between 14 and 18 million TEUs, with gross global capacity reported at 88 million TEUs and consolidated capacity at 50 million TEUs in 2017.

The company said its gross global capacity is expected to reach 100 million TEUs by 2020, subject to market demand.

DP World is expanding the container terminal in Egypt's Sokhna Port and is co-developing  an integrated industrial and residential zone in Sokhna city with Egypt’s Suez Canal Economic Zone Authority (SCZone).