Dubai state-owned port operator DP World reported a decline in first-half profit despite recording higher revenue, as the company pointed to continued uncertainty in the outlook for global trade.
Profit attributable to the company’s owners fell 9.7% year on year to $651 million during the six months to June 2023. DP World had posted a record profit of $721 million in the corresponding period a year earlier.
Revenue increased by nearly 14% compared with the first half of 2022. However, the supplied figures indicate that the rise in revenue did not translate into higher profit attributable to owners during the reporting period.
DP World said the near-term trade outlook could remain uncertain because of macroeconomic and geopolitical factors. The company did not provide additional detail in the supplied source excerpt on the specific markets, business divisions or cargo segments contributing to the revenue increase or profit decline.
The results place the port and logistics group’s financial performance against a backdrop of uncertainty affecting trade flows. Further information on operating volumes, regional performance and the company’s expectations for the remainder of the year was not included in the source material.
DP World First-Half Profit Falls 9.7% as Trade Outlook Remains Uncertain
DP World reported a 9.7% year-on-year decline in first-half profit attributable to owners, despite an almost 14% increase in revenue, while warning that macroeconomic and geopolitical factors were clouding the near-term trade outlook.
