Dubai's DP World to be selective on new investments, remains cautious for 2021 | ZAWYA MENA Edition
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said he was cautious about the outlook for 2021 and will be selective on new investments.
“Looking ahead, we will continue to be selective on new investments and focus on the integration of our recent acquisitions to drive synergies, containing costs to protect profitability and managing growth capex to preserve cashflow. We remain strongly committed to our 2022 combined (DP World and PFZW) leverage target of less than 4x Net Debt to EBITDA," Sulayem said.
The state-owned port operator said its ability to adapt and change has been key to its success and that the company will evolve for continued growth.
According to a Nasdaq Dubai filing, the company reported a 29% slump in 2020 profit. Its revenue rose 11 percent to $8.5 billion but posted an annual profit of $846 million, down from $1.19 billion in 2019.
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