DUBAI's state-owned ports giant DP World announced that its first-half profit fell nearly 10 per cent from a year earlier, even as revenue climbed nearly 14 per cent, and flagged an uncertain outlook for trade.
Profit attributable to DP World's owners in the six months to June was down 9.7 per cent at US$651 million from a year earlier, when the port operator posted record profit of $721 million.
In a filing, chairman and CEO Sultan Ahmed Bin Sulayem: "While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six months positions us well to deliver a steady set of full-year results.
"We remain optimistic about the medium to long-term prospects of the industry and DP World's capacity to consistently generate sustainable returns."
Revenue in the first half jumped 13.9 per cent year on year to just over $9 billion "as the Group benefitted from the full year contribution of acquisitions," Yuvraj Narayan, deputy CEO and chief financial officer, said in the statement.
DP World's consolidated throughput edged up 0.4 per cent to just over 23 million TEU, of which 11.59 million TEU was in the second quarter, up 0.1 per cent from a year earlier, reports Reuters.
Separately, DP World's flagship, Jebel Ali Port recently welcomed Hapag-Lloyd's Berlin Express ultra-large dual-fuel container ship on its maiden voyage, reinforcing its commitment to innovation and sustainability in the shipping industry.
The Berlin Express is a state-of-the-art vessel with a capacity of 23,600 TEU.
It is the first of 12 dual-fuel vessels ordered by the shipping line which will run on Liquified Natural Gas (LNG), producing significantly lower emissions than traditional marine diesel.
The arrival is a significant milestone for Jebel Ali Port, further solidifying its position as a global trade hub, providing unmatched connectivity to over 180 shipping lines and market access to more than 3.5 billion consumers worldwide.
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