Dubai's DP World retains cautious outlook after 2020 profit slumps 29%

DP World, one of the world's largest port operators, reported on Thursday a 29% slump in 2020 profit and said it would maintain its cautious outlook despite an encouraging start to the year.

The Dubai state-owned company said its revenue rose 11% to $8.5 billion but posted an annual profit of $846 million, down from $1.19 billion in 2019.

The business, however, has performed better than expected in a year like no other, Chairman and Chief Executive Sultan Ahmed bin Sulayem said, referring to the COVID-19 pandemic that rattled the global economy.


"We remain cautious on the outlook given the continued issues surrounding the pandemic, geopolitical uncertainty in some parts of the world and the ongoing trade war, we are encouraged by the start to trading in 2021," he said.

Last month, Bin Sulayem had said DP World was set for a "relatively stable performance" after handling 71.2 million shipping containers for the year - volumes similar to 2019.

"(We) remain positive on the medium- to long-term outlook for the industry and our business," he said.