Global ports and logistics operator, DP World, has announced a relatively robust set of financial results for the first half of 2020. Despite business being affected by the pandemic, profits on an EBITDA basis increased by 1% over the first six months of the year compared with like-for-like performance in the same period in 2019.
The group describes the results as being “better than expected.” Although the outlook remains uncertain, the DP World group, which de-listed its equity from the stock exchange and returned to private ownership earlier this year, says it remains positive about the medium to long term fundamentals of the industry. DP World Chairman and CEO, Sultan Ahmed Bin Sulayem, added, “Our ability to adapt and change has been the key to our success and we must continue to evolve for continued growth. We believe this long term approach to business is not aligned with the short term thinking of equity markets and consequently the next stage of DP World’s development will take place as a private company.”