Dubai’s DP World maritime services company reports large profit losses for 2020

A picture taken on on June 18, 2020, shows ca partial view of the port of Jebel Ali, operated by the Dubai-based giant ports operator DP World, in the southern outskirts of the Gulf emirate of Dubai, - The chairman of Dubai-based giant ports operator DP World said it is "preparing for the worst" with the full impact of coronavirus to hit in coming months, as global trade suffers its worst blow since World War II. The firm and its subsidiaries are a major source of cash for the emirate's economy, one of the — A picture taken on June 18, 2020, shows a partial view of the port of Jebel Ali, operated by the Dubai-based giant ports operator DP World, in the southern outskirts of the Gulf emirate of Dubai. The chairman of Dubai-based giant ports operator DP World said it is "preparing for the worst" with the full impact of coronavirus to hit in coming months, as global trade suffers its worst blow since World War II. The firm and its subsidiaries are a major source of cash for the emirate's economy, one of the most diversified in the oil-rich Gulf but mired in a long malaise. — KARIM SAHIB/AFP via Getty Images

The Emirati state-owned port operator DP World reported major profit losses for 2020.

The Dubai-based maritime and logistics giant’s profits dropped 29% to around $846 million last year. At the end of 2019, the profits were more than $1.18 billion, according to DP World’s annual report.

DP World took a major hit due to the COVID-19 pandemic. In June, DP World delisted from the Dubai Stock Exchange and returned to full state ownership. The company’s CEO has remained optimistic throughout the coronavirus saga, which has severely hurt Gulf economies.

“In this different world, our focus on innovation and technology has made our business more resilient than ever,” said Sultan Ahmed Bin Sulayem in the report.

Dubai’s DP World maritime services company reports large profit losses for 2020

The Dubai-based company, which is owned by the UAE government, was heavily affected by the COVID-19 pandemic, as were other sectors of the Emirati and Gulf economies.

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