DP World reports gross volume growth of 3.7% on like-for-like in Q1 2023

Growth was driven by a strong performance in Asia Pacific and India

At a consolidated level, DP World terminals handled 11.4 million TEU during the first quarter of 2023. - KT file

By WAM

Published: Thu 27 Apr 2023, 2:01 PM

DP World Limited handled 19.5 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2023, with gross container volumes increasing by 1.4 per cent year-on-year on a reported basis and up 3.7 per cent on a like-for-like basis.

The growth was driven by a strong performance in Asia Pacific and India, which was partially offset by softer performance in Europe and the Americas. Jebel Ali handled 3.5 million TEU in 1Q 2023, up 2.3 per cent year-on-year.

At a consolidated level, DP World terminals handled 11.4 million TEU during the first quarter of 2023, up 0.7 per cent year-on-year on a reported basis but down 1.3 per cent on a like-for-like basis.

Group Chairman and Chief Executive Officer Sultan Ahmed bin Sulayem said: “Our portfolio has had an encouraging start to the year with container volume growth of 3.7 per cent, once again ahead of the market, estimated to be down by 6.3 per cent. This outperformance continues to demonstrate that we are in the right locations. Our strategy will offer integrated supply chain solutions to beneficial cargo owners driving value for our stakeholders.

“A strong performance in Asia Pacific and India drove our growth. However, as anticipated, volume growth has softened in some regions, such as Europe and the Americas, due to uncertain economic conditions. Volumes at our flagship Jebel Ali terminals remain robust, with growth of 2.3 per cent.”

“Given the geopolitical backdrop, high inflation and currency fluctuations, the near-term outlook remains somewhat uncertain,” he added.

Bin Sulayem continued: “However, we expect our portfolio to deliver a stable performance in 2023 as we remain focused on driving revenue synergies from our recent acquisitions while managing costs and growth capex.”