DP World cautions outlook uncertain after record $721 mln first-half profit

DP World cautions outlook uncertain after record $721 mln first-half profit

Dubai-owned ports giant DP World reported on Thursday a record $721 million first-half profit boosted by elevated shipping rates but said it expected its profit, revenue, and container growth rates to moderate in the rest of the year. The company, one of the world’s biggest port operators, said profit climbed 51.8 percent, up from $475 million in the same period a year ago. For the latest headlines, follow our Google News channel online or via the app.

The shipping industry has seen record profits recently due to tight shipping supply caused by a surge in consumer demand and pandemic-linked supply chain disruptions. DP World, which also owns logistics parks, handled 39.48 million shipping containers in the first half, a year-on-year growth of 2.3 percent. But the ports giant, which saw first-half revenue rise 60.4 percent to $7.9 billion, said it expected its growth rates to moderate in the second