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DP World flags uncertain outlook after annual profit slumps 28%

DP World, a global ports operator, reported a 28% drop in 2023 annual profit, attributing the decline to a challenging economic environment and high interest rates. Despite the profit slump, the company's core earnings (EBITDA) rose by 1.9% to $5.1 billion, buoyed by acquisitions and growth in its logistics and technology sectors. However, the company expressed caution about the future, citing an uncertain economic outlook and geopolitical tensions, particularly in the Red Sea region, which could impact trade routes. DP World also noted that while container volumes grew by 0.8% in 2023, the first two months of 2024 showed a 10% decrease in volumes, signaling potential challenges ahead. The company plans to continue investing in high-growth areas like India and Africa, aiming for a 10-12% growth in container volumes over the next three years.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/dp-world-flags-uncertain-outlook-after-annual-profit-slumps-28-2025-03-13/ ]