DP World reports gross volume growth of 1.9% in 1Q 2022
DP World Limited handled 19.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2022, with gross container volumes increasing by 1.7% year-on-year on a reported basis and up 1.9% on a like-for-like basis.
1Q2022 volume growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions. At an asset level, Qingdao (China), Sokhna (Egypt), London Gateway (UK), Yarimca (Turkey), Dakar (Senegal), Caucedo (Dominican Republic), Buenos Aires (Argentina) and Posorja (Ecuador) delivered a strong performance. Jebel Ali (UAE) handled 3.4 million TEU in 1Q2022, a decrease of 1.0% year-on-year.
At a consolidated level, our terminals handled 11.3 million TEU during the first quarter of 2022, increasing 1.4% on a reported basis and up 1.1% year-on-year on a like-for-like basis.
Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented:
“As anticipated, 1Q2022 volume growth has softened due to the strong prior-year performance and uncertain macro environment. However, we continue to see robust growth in markets such as Asia Pacific and the Americas, while in Europe, London Gateway’s strong performance has continued into 2022. The softer volumes Jebel Ali (UAE) is due to loss of low margin throughput where we remain focused on more profitable origin & destination cargo.
Looking ahead, the near-term outlook is mixed given the geopolitical environment, but we remain positive on the medium to long term fundamentals of the industry. On our broader portfolio, we continue to make strong progress in strengthening our product offering, allowing us to connect directly with cargo owners to deliver a range of unique logistic solutions. Overall, we remain focused on integrating our recent acquisitions, growing profitability while managing growth capex, delivering on our 2022 leverage targets and disciplined investment to cement DP World’s position as the logistics partner of choice”
About DP World
We are the leading provider of worldwide smart end-to-end supply chain logistics, enabling the flow of trade across the globe. Our comprehensive range of products and services covers every link of the integrated supply chain – from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions.
We deliver these services through an interconnected global network of 190 business units in 69 countries across six continents, with a significant presence both in high-growth and mature markets. Wherever we operate, we integrate sustainability and responsible corporate citizenship into our activities, striving for a positive contribution to the economies and communities where we live and work.
Our dedicated, diverse and professional team of more than 71,255 employees from 150 nationalities are committed to delivering unrivalled value to our customers and partners. We do this by focusing on mutually beneficial relationships – with governments, shippers, traders, and other stakeholders along the global supply chain – relationships built on a foundation of mutual trust and enduring partnership.
We think ahead, anticipate change and deploy industry-leading digital technology to further broaden our vision to disrupt world trade and create the smartest, most efficient and innovative solutions, while ensuring a positive and sustainable impact on economies, societies and our planet.
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