DP World reports strong volume growth of 9.4 per cent last year

DP World Limited handled 77.9 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in full year 2021, with gross container volumes increasing by 9.4 per cent year-on-year on a reported basis and up 8.9 per cent on a like-for-like basis1. On a 4Q2021 basis, DP World handled 19.6 million TEU, up 2.6 per cent year-on-year on a reported basis and up 2.3 per cent on a like-for-like basis.

2021 gross volume growth was broad based with India, Asia Pacific, Middle East & Africa, Europe, Australia and Americas regions being the key growth drivers. At an asset level, Qingdao (China), Mumbai, Mundra, Chennai (India), Sokhna (Egypt), London Gateway (UK), Caucedo (Dominican Republic), Callao (Peru), and Sydney (Australia) delivered a strong performance.

Jebel Ali (UAE) handled 13.7 million TEU in 2021, up 1.9 per cent year-on-year.

At a consolidated level, our terminals handled 45.4 million TEU during 2021, increasing 8.8 per cent on a reported basis and 8.1 per cent year-on-year on a like-for-like3 basis.

Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented: “We are delighted to report another strong volume performance with growth of 9.4 per cent for the year, which is once again ahead of industry growth of 6.5 per cent. This outperformance is due to our continued investment in high quality assets in the right locations and the delivery of our strategy to offer integrated supply chain solutions to beneficial cargo owners.

All our regions delivered volume growth with India being a key driver and encouragingly Jebel Ali (UAE) delivered a steady performance with 1.9 per cent growth in 2021.

As expected, growth rates moderated in the final quarter of 2021 as the new covid variant, inflation and supply chain bottlenecks impacted global growth. However, looking ahead to 2022, we expect our portfolio to continue to deliver growth and, while the year has started encouragingly, we remain mindful that the Covid-19 pandemic, continued supply chain disruptions, rising inflation and geopolitical uncertainty could continue to hinder the global economic recovery.

Overall, we are pleased with the business performance in 2021 and remain focused on growing profitability while managing growth capex.

The strong volume performance leaves us well placed to deliver an improved set of full year results and we remain focused on delivering our 2022 leverage targets.”

Meanwhile on Feb.2, DP World and the Government of Angola signed a Memorandum of Understanding (MoU) with the aim of cooperating to further develop the country’s trade and logistics sector.

The MoU was signed in Luanda by Eugenio de Lima Fernandes, National Director for Concession Economics, and Suhail Al Banna, CEO and MD, Middle East and Africa Region, DP World, in the presence of Dr. Ricardo Viegas de Abreu, Angola’s Minister of Transport, and Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World.

The MoU paves the way for the two parties to enter into formal discussions to explore cooperation in the areas of ports and terminals, special economic zones and logistics parks, cross border trade facilitation, trade finance and marine services, as well as logistics support in other commodity-based sectors.

DP World began operations at the Multipurpose Terminal (MPT) at the Port of Luanda on March 1, 2021 after it was awarded a 20-year concession to manage, operate and modernise the facility.

Since then, DP World Luanda has invested in new equipment and facilities, technology and the development and training of staff, as part of a US$190 million initial investment to transform the terminal into a major maritime hub along the western coast of Southern Africa.