UAE port operator DP World's profits fall 60% amid Yemen's Houthi Red Sea attacks

Dubai-based global port operator DP World has seen its profits for the first half of 2024 tumble by nearly 60%, which the company said was partially due to the ongoing attacks on commercial shipping in the Red Sea by Yemen’s Houthi rebels.

DP World reported $265 million in profit for the first half of 2024 ending June 30, down from $651 million the same time last year.

“The year 2024 has been marked by a deteriorating geopolitical environment and disruptions to global supply chains due to the Red Sea crisis,” CEO Sultan Ahmed bin Sulayem said in a statement included in the report.

“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,” he added.