Dubai Port Operator Profits Drop 60 Percent Amid Houthi Red Sea Attacks

Dubai-based port operator DP World reported that its half-year profits had fallen by nearly 60 percent on Thursday, in part due to the ongoing attacks by Yemen’s Houthi rebels in the Red Sea. DP World reported profits of $265 million this year, down from $651 million at the same time last year, with the group’s chairman and CEO, Sultan Ahmed bin Sulayem, saying that the disruptions in the Red Sea since the Israel-Hamas conflict broke out had affected the firm’s revenues. He said: “The year 2024 has been marked by a deteriorating geopolitical environment and disruptions to global supply chains due to the Red Sea crisis. While the near-term trading outlook remains uncertain due to macroeconomic and geopolitical headwinds, the resilient financial performance of the first half … positions us well to deliver stable full-year adjusted profits.”...