DP World: robust growth

DP World: robust growth

DP World reports 6pc gross volume growth

01 August 2018

DP World Limited handled 35.6 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2018, with gross container volumes growing by 4.8 per cent year-on-year on a reported basis and 6 per cent on a like-for-like basis.

The first half of 2018 saw an upswing in global trade and all three DP World regions delivered growth, particularly its terminals in Europe and Australia, said a statement from the company.

The UAE terminals handled 7.7 million TEU in the first half (H1) of this year, remaining broadly flat (+0.2 per cent) year-on-year, it said.

At a consolidated level (terminals where the group has control as per IFRS), DP World handled 18.6 million TEU during the first half of this year, a 4.0 per cent improvement in performance on a reported basis and up 4.5 per cent year-on-year on a like-for-like basis, it added.

Sultan Ahmed Bin Sulayem, group chairman and chief executive officer, DP World, said: “Our portfolio has delivered an encouraging performance in the first half of 2018 with all regions continuing to deliver growth.”

“However, as expected there has been a deceleration in the growth rate in the second quarter of this year due to the tougher year-on-year comparables, where during the same period last grew 10.7 per cent year-on-year driven by market share gains from the new shipping alliances,” he said.

“Nevertheless, the robust performance across all regions continues to be an affirmation of our strategy to deploy relevant capacity in key markets and operate a diversified portfolio,” he added.

Bin Sulayem continued: “We are pleased to see our terminals in Europe and Australia continue to deliver growth and still expect to see increased contributions from our new investments in the second half of the year.”

“Whilst geopolitical headwinds and recent changes in trade policies continue to pose uncertainty to the container market, first half volume performance demonstrates that our portfolio is well positioned to deliver growth,” he said.

Meanwhile, Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), has closed the transaction to acquire 90 per cent stake in Continental Warehousing Corporation (Nhava Seva) in India. 

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