DP World, one of the world’s biggest port operators, expects growth rates in the second half to “moderate” as the global economy softens.
“The near-term outlook remains uncertain with limited visibility,” DP World’s Chief Executive Officer Mohammed Sharaf said in a statement to Nasdaq Dubai on Thursday. “Historically our second-half throughput performance has been stronger than the first and we expect that trend to continue.”
DP World is confident it will meet full-year market expectations, the Dubai-based company said. Capital expenditure remains on track at $1.6 billion to $1.9 billion for the year and it plans to deliver more than 100 million twenty-foot equivalent units, or TEUs, of capacity by 2020.
Concern over weaker growth in China, the world’s second-largest economy, has wiped $8 trillion from the value of global equities since the nation’s surprise devaluation of the yuan earlier this month. Oil prices have lost 35 percent from this year’s peak in June.
First-half profit increased 6.8 percent to $364 million after separately disclosed items as the acquisition of Economic Zones World FZE helped in “significantly enhancing” the bottom line, it said.