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79 million TEUs handled by DP World across its global portfolio of terminals in 2022
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Broad-based volume growth contributed by Asia Pacific, the Americas, Middle East & Africa, and Australia
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Jebel Ali terminal in UAE handled 14 million TEUs in 2022, up 1.7% y-o-y
DP World volume growth beat forecasts in 2022 when the Dubai-based port operator reported it handled 79 million TEUs (twenty-foot equivalent units) of cargo across its global portfolio of terminals, up 2.8% on a like-for-like basis, with its Asia Pacific, Americas and Australia operations driving growth.
Reporting its results on February 6, the Dubai-based company said gross container volumes increased 1.4% year on year on a reported basis and up 2.8% on a like-for-like basis. For the fourth quarter of 2022, DP World handled 19.5 million TEUs, up 2.4% on a like-for-like basis.
Gross volume growth was broad-based with Asia Pacific, Middle East & Africa, Australia, and the Americas regions all delivering like-for-like growth, DP World said in a press release.
At an asset level, the company’s terminals at Jebel Ali (UAE), Jeddah (Saudi Arabia), Angola (Angola), Sokhna (Egypt), London Gateway (UK), Constanta (Romania), Caucedo (Dominican Republic), Posorja (Ecuador), DP World Santos (Brazil) and all its ports in Australia (Brisbane, Sydney, Fremantle and Melbourne) delivered a solid performance, DP World said.
The Jebel Ali container terminal in Dubai handled 14 million TEUs in 2022, up 1.7% y-o-y.
“At a consolidated level, our terminals handled 46.1 million TEUs during 2022, increasing 1.5% on a reported basis and up 0.7% y-o-y on a like-for-like basis,” the company said.
Group chairman and executive Sultan Ahmed Bin Sulayem said DP World’s solid volume performance with like-for-like growth of 2.8% in 2022, was “once again ahead of industry forecast of a marginal decline of -0.5%.”
“This outperformance continues to demonstrate that we are in the right locations and our strategy to offer integrated supply chain solutions to beneficial cargo owners is bearing fruit,” Bin Sulayem said.
“Growth was driven by Asia Pacific, Americas and Australia region. Encouragingly, Jebel Ali’s high margin origin and destination cargo grew 8.6%, with overall volume growth steady at 1.7% for the year.”
DP World said growth rates moderated in the final quarter of 2022 due to a more challenging economic environment. For 2023, the company expects its portfolio to continue to deliver growth, but the outlook remains somewhat uncertain due to rising inflation, higher interest rates and geopolitical uncertainty.
“Overall, we are pleased with the business performance in 2022 and remain focused on growing profitability while managing growth capex. The solid volume performance leaves us well placed to deliver an improved set of full year results,” the company said.
In November last year, DP World reported a 2.5% like-for-like volume growth to 59.6 million TEUs across its global portfolio in the first nine months of 2022, with gross container volumes increasing 2.0% y-o-yon a reported b-asis.
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.
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.
