DP World handles 71 million TEU and reports 1.0% volume growth in 2019
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[1] basis.
Like-for-like gross volumes in 4Q 2019 accelerated to +2.1% with growth driven by Asia Pacific and Africa. Jebel Ali handled 14.1 million TEU in 2019 down 5.6% year-on-year due to a decline in low margin cargo.
At a consolidated[2] level, our terminals handled 39.9 million TEU in 2019, an 8.6% improvement in performance on a reported basis and down 0.5% year-on-year on a like-for-like basis.
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, volumes were down due to the loss of low-margin throughput, where we remain focused on high margin cargo and maintaining profitability.
In 2019, we have focused on delivering an integrated supply chain solutions product that allows us 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 Worlds position as the logistics partner of choice. Overall, we remain well placed to deliver full year market expectations.
-ENDS-
[1] Like for like container volume does not include volumes from Paita (Peru) Doraleh (Djibouti), Puerto Central, Puerto Lirquen (Chile) Porsoja (start of operations from August 2019), concession expiry in Surabaya (Indonesia) and discontinuation of concession of Tianjin.
[2] Consolidated throughput is throughput from all terminals where the group has control as per IFRS.
DP World is a leading enabler of global trade and an integral part of the supply chain.
We operate multiple yet related businesses – from marine and inland terminals, maritime services, logistics and ancillary services, to technology-driven trade solutions.
We have a portfolio of over 150 operations in over 45 countries across six continents, with a significant presence in both high-growth and mature markets. We aim to be essential to the bright future of global trade, ensuring that everything we do contributes positively and sustainably to both the economy and society.
Our dedicated team of more than 46,000 employees from 120 countries cultivates long-standing relationships with governments, shipping lines, importers and exporters, communities, and many other important constituents of the global supply chain, providing quality value-added services today and tomorrow.
Container handling is the company’s core business and generates more than 50% of its revenue. In 2018, DP World handled 71.4 million TEU (twenty-foot equivalent units) across our portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 91 million TEU is expected to rise in line with market demand.
By thinking ahead, foreseeing change and innovating, DP World aims to create the most productive, efficient and safe trade solutions globally.