Dubai's DP World CEO says 2021 outlook 'remains uncertain' | ZAWYA MENA Edition
International port operator DP World said on Monday it will continue to implement necessary measures to contain costs this year as the outlook for the container industry remains uncertain amid the resurgent COVID-19 pandemic.
“Looking ahead, while 2021 has started encouragingly, the outlook remains uncertain given the continued issues surrounding the pandemic, geopolitical uncertainty in some parts of the world and the ongoing trade war,” said Sultan Ahmed Bin Sulayem, group chairman and chief executive officer of DP World.
“We remain focused on containing costs to protect profitability, managing growth capex to preserve cashflow and are confident of meeting our 2022 targets,” he added.
The Dubai state-owned firm, which operates in more than 50 countries, reported a flat growth for its business for the full year 2020, with container volumes handled hitting 19.1 million TEUs (twenty-foot equivalent units).
However, overall volumes went up by 7.6 percent year-on-year and 6.5 percent like-for-like in the fourth quarter of 2020, thanks to markets like India, Europe, Middle East, Africa and the Americas.
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