DP World annual profit slides as trade tensions and coronavirus dent growth – The National

DP World annual profit slides as trade tensions and coronavirus dent growth – The National

Annual revenue rose by 36 per cent on a reported basis to $7.68bn driven by acquisitions.. "DP World has delivered a solid set of financial results in 2019 despite challenging market conditions with continued strong cash generation.". DP World's board recommended a dividend of 40 cent per share.. The Dubai company warned the global trade outlook remains "uncertain" as the coronavirus outbreak disrupts the supply chain.. "The near-term outlook remains a cause for concern with global trade disputes, Covid-19 outbreak and regional geopolitics, causing disruption to trade," Mr Bin Sulayem added.. " DP World is well positioned to respond in the short term by focusing on disciplined investment and managing the cost base to protect profitability.. Overall, we remain positive on the medium to long term outlook of the industry.". "It remains a priority to manage the growth opportunities whilst retaining a strong balance sheet," he said.. DP World, which has a market capitalisation of $11bn, last month said it will delist from Nasdaq Dubai after the company concluded that the disadvantages of remaining on the stock exchange outweigh the benefits.. The company can maintain a strong balance sheet, thanks to high levels of cash flow combined with more disciplined