DP World reports growth in gross volume

DP World Limited handled 19.3 million TEUs (twenty-foot equivalent units) through its global portfolio of container terminals in the first quarter of 2022, with gross container volumes up 1.7% year-on-year in the reporting period and 1.9% in the same period.

The Asia Pacific, the Middle East, Europe and Africa and North and South America regions contributed to volume growth in the first quarter of 2022. At the asset level, Qingdao (China), Sohna (Egypt), London Gateway (UK), Yarimca (Turkey), Dakar (Senegal), Causedo (Dominican Republic), Buenos Aires (Argentina) and Posorcha (Ecuador) showed strong performance. Jebel Ali (UAE) handled 3.4 million TEUs in the first quarter of 2022, down 1.0% on the same period last year.

On a consolidated basis, DP World terminals handled 11.3 million TEUs in the first quarter of 2022, a 1.4% increase in the reporting period and a 1.1% increase compared to the same period last year.

Group Chairman and CEO Sultan Ahmed Bin Sulayem commented:

“As expected, volume growth in the first quarter of 2022 softened due to the strong performance of the previous year and the uncertain macro environment. However, we continue to see strong growth in markets such as Asia Pacific and the Americas, and in Europe the strong performance of London Gateway will continue into 2022. The decline in Jebel Ali (UAE) volumes is due to the loss of low-margin volumes, where we continue to focus on more lucrative cargo by origin and destination. 

Looking at the near-term outlook, it is mixed given the geopolitical environment, but we remain positive on medium and long-term industry fundamentals. In terms of our portfolio, we continue to make significant progress in strengthening our product offering, enabling us to connect directly with cargo owners and offer a range of unique logistics solutions. Overall, we remain focused on integrating our recent acquisitions, growing profitability while managing capital expenditure, achieving our leverage targets for 2022 and investing disciplinedly to cement DP World’s position as a logistics partner.”

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