DP World sees 10% growth
By Waheed Abbas
Published: Sun 7 Jan 2018, 8:56 PM
Last updated: Sun 7 Jan 2018, 11:12 PM
Global ports operator DP World on Sunday said will post 10 per cent growth in gross volumes for 2017 as it invested $1 billion (Dh3.67 billion) in capital expenditure last year to expand and diversify its business and explore smart technologies.
"The recovery of global trade in 2017 has been stronger than expected and we are pleased to have outperformed market growth once again. We are on course to deliver approximately 10 per cent growth in gross volumes for 2017, and look forward to continued growth in 2018," said Sultan Ahmed bin Sulayem, group chairman and CEO, DP World.
DP World handled 63.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 2016, with gross container volumes growing by 3.2 per cent year-on-year.
Its shares closed unchanged at $24.99 at Nasdaq Dubai on Sunday. Its counter saw 56,375 shares changing hands in 45 trades worth $1.4 million.
The company last year announced a number of acquisitions, opening of new terminals and technology tie-ups.
"Notable landmarks included strengthening our partnerships in Brazil, Ecuador, Kazakhstan, Cyprus, Somaliland, India, Egypt and Mali with a range of infrastructure investments to enable global trade and connect countries to international markets. This was coupled with a series of acquisitions such as the inclusion of Dubai Maritime City and Drydocks World to the Group's operations. We have also stepped up container handling productivity at our flagship Jebel Ali Port, by adding 1.5 million TEU to Container Terminal 3 (T3)," he added.
Bin Sulayem said the group has a robust portfolio of businesses and a successful strategy to ensure the sustainable growth of the company.
In December 2017, DP World acquired an additional 66.67 per cent stake in Empresa Brasileira de Terminais Portuários (Embraport) in Brazil from Odebrecht Transport, taking its stake to 100 per cent.
DP World announced that it would also develop a Greenfield economic free zone in Somaliland, an integrated industrial and residential ones at Sokhna in Egypt and building 12 dedicated super yacht berths for the world's largest vessels of up to 328 feet in Sète, France. It also opened a new terminal consists of 7 pods with an internal area of 7,000sqm at Limassol port.
DP World chief Sultan Ahmed Bin Sulayem also marked the start of construction of the greenfield multi-purpose port project at Posorja, Ecuador. The ceremony followed the 50-year concession the company won in 2016 from the Government of Ecuador to build a facility with 750,000 TEU.