DP World cautions outlook uncertain after record H1

DP World cautions outlook uncertain after record H1

DP World cautions outlook uncertain after record H1

August 18 2022 09:31 PM



Terminal tractors line up to load containers into a cargo ship at DP Worldق€™s fully automated Terminal 2 at Jebel Ali Port in Dubai (file). The company, one of the worldق€™s biggest port operators, said its H1 profit climbed 51.8%, up from $475mn in the same period a year ago.



Reuters / Dubai

Dubai-owned ports giant DP World reported on Thursday a record $721mn 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%, up from $475mn in the same period a year ago.

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 39.48mn shipping containers in the first half, a year-on-year growth of 2.3%.

But the ports giant, which saw first-half revenue rise 60.4% to $7.9bn, said it expected its growth rates to moderate in the second half amid an uncertain near-term outlook.

Chairman and chief