DP World logs 2.5% like for like volume growth

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Like for like volume growth
DP World's gross volume growth was mainly driven by operations in Asia Pacific, Middle East and Africa, Americas, and Australia. Photo from DP World
  • Container throughput was 59.6 million TEUs across DP World’s global portfolio in the first nine months of 2022
  • For the third quarter of 2022, the company handled 20.1 million TEUs
  • Chairman and CEO Sultan Ahmed Bin Sulayem says the near-term outlook is uncertain but the medium- to long-term prospect for trade is positive                                                            

Container terminal operator DP World has reported a 2.5% like for like volume growth to 59.6 million TEU (twenty-foot equivalent units) across its global portfolio in the first nine months of 2022, with gross container volumes increasing 2.0% year on year on a reported basis.

For the third quarter of 2022, the company handled 20.1 million TEU, up 1.5% y-o-y and up 2.1% on a like-for-like basis.

Gross volume growth was mainly driven by operations in Asia Pacific, Middle East and Africa, Americas, and Australia.

Strong performance was reported from Qingdao (China), ATI (Philippines), LCIT (Thailand), Jeddah (Saudi Arabia), Vancouver (Canada), Posorja (Ecuador), Santos (Brazil), and Australia. Jebel Ali (UAE) handled 3.5 million TEU in 3Q2022, up 2.0% y-o-y.

At a consolidated level, DP World’s terminals handled 34.6 million TEU, up 1.9% y-o-y and up 1.4% on a like-for-like basis in the first nine months of 2022. At a 3Q2022 consolidated level, we handled 11.7 million TEU, increasing 2.7% on a reported basis and 1.5% y-o-y on a like-for-like basis.

“We report another robust set of throughput figures with nine-month volume growth of 2.5%, which is once again ahead of industry growth of 1.1%,” Sultan Ahmed Bin Sulayem, group chairman and chief executive of DP World, commented.

“As expected, growth rates have decelerated due to the more challenging market conditions, but global trade continues to remain resilient, and our portfolio is expected to continue to outperform the market.

“Growth in the third quarter was primarily driven by a solid performance across our Asia Pacific, Americas and Australia terminals. Encouragingly, our flagship port of Jebel Ali (UAE) continues to deliver robust volumes with growth of 2.0% y-o-y.”

Sultan Ahmed said the near-term outlook remains uncertain given the geopolitical environment, inflationary pressures and currency fluctuations. The chief executive said the group remains optimistic on the medium- to long-term outlook for global trade.

“Overall, given the solid nine-month volume performance, we expect [DP World] to deliver an improved set of full-year results,” Sultan Ahmed said.

In August, the group posted strong results for the first half of 2022 on the back of higher consumer spend and rebound in global trade.

In 2021, DP World reported total revenue of US$10.78 billion, up 26.3% from $8.53 million 2020, and net profit of US$1.16 billion, a 23.3% y-o-y increase from $942,002 in 2020.