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DP World reports volume growth of 3.5% in Q2

The company attributed the volume growth to its terminals across Asia Pacific, Americas and Australia.

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DP World Limited on Wednesday said it handled 20.2 million twenty-foot equivalent units (TEUs) across its global portfolio of container terminals in the second quarter of 2022.

In a statement the Dubai-based company said its gross container volumes up by 2.9 per cent year-on-year on a reported basis and 3.5 per cent on a like-for-like basis. The company attributed the volume growth to its terminals across Asia Pacific, Americas and Australia.

Jebel Ali (UAE) handled 3.6 million TEU in April-June 2022 quarter, up 3.5 per cent year-on-year basis while on a first half of 2022 gross basis, DP World handled 39.5 million TEU, with gross container volumes increasing by 2.3 per cent year-on-year on a reported basis and 2.7 per cent on a like-for-like basis.

At a consolidated level, our terminals handled 11.6 million TEU in the second quarter, up 1.8 per cent both on a reported and on a like-for-like basis. On a first half of 2022 consolidated level, we handled 22.9 million TEU, with container volumes increasing by 1.6 per cent year-on-year on a reported basis and 1.4 per cent on a like-for-like basis.

"We report another solid set of throughput figures with second quarter volume growth of 3.5 per cent, which is once again ahead of industry growth of 2.6 per cent. This robust performance illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market," Sultan Ahmed bin Sulayem, group chairman and chief executive officer of DP World, said.

He said growth was driven by a strong performance across our Asia Pacific, Americas and Australia terminals.

"Our flagship port of Jebel Ali (UAE) also delivered an improved performance with throughput growth of 3.5 per cent year-on-year basis," Bin Sulayem said.

"Looking ahead, the near-term outlook is uncertain given the geopolitical environment, inflationary pressures and continued impact of the pandemic, but we remain positive on the medium to long term outlook for global trade. Overall, given the solid start to the year, we expect to deliver an improved full performance," he said.

— muzaffarrizvi@khaleejtimes.com

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