Monday 9 December 2019

DP World's gross volume growth up 1.6pc in Q2

DUBAI, July 23, 2019

DP World, a leading enabler of global trade and an integral part of the supply chain, had handled 35.8 million TEU (Twenty-Foot Equivalent Units) across its global portfolio of container terminals in the first half of 2019, with gross container volumes growing by 0.5% year-on-year on a reported basis and 0.5% on a like-for-like basis.

A major player in region, the Dubai-based DP World operates multiple yet related businesses – from marine and inland terminals, maritime services, logistics and ancillary services, to technology-driven trade solutions.

It boasts a portfolio of over 150 operations in more than 45 countries across six continents, with a significant presence in both high-growth and mature markets.

Announcing the results, the Dubai group said its strong performance across Asia Pacific, Indian Subcontinent and Africa drove growth in the second quarter, but weaker volumes in the UAE and Australia offset this trend.

At a consolidated level, the DP World terminals handled 19.5 million TEU during the six-month period. The  consolidated volumes in Q2 grew by 10.6% on a reported basis but down 0.6% on a like-for-like basis.

The strong reported growth in Americas and Australia region is due to the consolidation of Australia and acquisition of Pulogsa which consists of two terminals in Chile, it added.   

Group Chairman and CEO Sultan Ahmed Bin Sulayem, said: "In line with our expectations, we have delivered a broadly stable volume performance in the first half of 2019. Encouragingly, despite uncertainty from the trade war, we have seen robust volumes in Asia Pacific and Indian Subcontinent, while growth in Africa remains strong."

"In contrast, UAE and Australia volumes have been soft due to a loss of lower-margin cargo and challenging market conditions. However, we expect a more stable throughput performance in the UAE for the second half of the year," he stated.

"On our broader portfolio, we have made good progress in strengthening our product offering, allowing us to enable trade and connect directly with end customers to deliver a range of logistic solutions. Our near-term focus is on integrating our recent acquisitions, managing costs and disciplined investment to cement DP Worlds position as the trade partner of choice," he added.- TradeArabia News Service


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