DP World on song, meets market expectations - GulfToday

DP World on song, meets market expectations

DP World

DP World is seeing positive signs of progress in its new businesses.

Despite the challenges facing it owing to the US-China financial spat, frontline trade enabler and a world leader in port terminal operations, DP World, has been making impressive strides in maritime services and free zones. Formed 15 years ago, it handles millions of containers that are brought to the shores of Dubai by thousands of vessels annually.

In its latest growth tally, DP World handled 71.2 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 2019, with gross container volumes flat year-on-year on a reported basis and up +1.0% on a like-for-like  basis.

Like-for-like gross volumes in 4Q 2019 accelerated to +2.1% with growth driven by Asia Pacific and Africa. Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented:

“2019 has been a challenging year with the trade war between China and US and regional geopolitics causing uncertainty in the market. Despite this, our portfolio has delivered growth which once again demonstrates the resilience of our business.

We saw robust growth across Asia and Africa driven by Pusan (South Korea), Qingdao (China), Manila (Philippines) and Jeddah (Saudi Arabia). In Europe we saw continued ramp-up in London Gateway (UK) and Yarimca (Turkey) while Prince Rupert (Canada) and Callao (Peru) continued to deliver strong growth.  In the UAE, we remain focused on high margin cargo and maintaining profitability.”     

Bin Sulayam added that in 2019, the firm focused on delivering an integrated supply chain solutions product that allowed it to connect directly with end customers. “We are seeing positive signs of progress in our new businesses that give us encouragement for the future. The near-term focus is on integrating our recent acquisitions, managing costs and disciplined investment to cement DP World’s position as the logistics partner of choice.  Overall, we remain well placed to deliver full-year market expectations.”

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