DB World Group’s (DB World) net profit for shareholders fell 9.7% year-on-year in the first half of 2023, according to a business results report published by Nasdaq Dubai on Thursday.
Dubai Ports is owned by the Government of Dubai and is the main operator of ports in the emirate and operates in several countries in the logistics services sector and the management and development of ports.
The group’s chairman, Sultan Ahmed bin Sulayem, said in a statement on Thursday that the country faces major challenges this year in terms of economic growth, inflation and high interest rates, which will weaken global trade dynamics.
The group’s net profit attributable to shareholders in the first six months of 2023 was around $651 million, compared to $721 million in the same half last year.
Revenue rose 13.9% to $9.037 billion in the first half of 2023, the group reported.
Clean energy
Its investments in the renewable energy sector through the I-REC program – a global program to assess performance in the clean energy sector – have led to a 47% reduction in the group’s carbon emissions in the UAE.
The group pledged to invest more than $500 million to reduce emissions by 700 kilotons over the next five years.
The UAE is seeking to increase the use of clean energy and at the end of the year the country will host the COP28 climate summit.
(Prepared by: Jehan Lakhmari, Edited by: Ayat Rashwan, Contact: zawya.arabic@lseg.com)
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