DP World records 1% volume growth to 71 million TEU in 2019
“In the UAE, volumes were down due to the loss of low-margin throughput,” the group chairman and CEO of DP World said
Dubai-headquartered DP World announced that it has handled 71.2 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 2019, with gross year-on-year container volumes flat on a reported basis and up 1% on a like-for-like basis.
Commenting on overcoming challenges in 2019, group chairman and chief executive officer of DP World, HE Sultan Ahmed Bin Sulayem, said: “The trade war between China and US, and regional geopolitics caused uncertainty in the market. Despite this, our portfolio has delivered growth which once again demonstrates the resilience of our business.”
Bin Sulayem added: “We saw robust growth across Asia and Africa driven by Pusan (South Korea), Qingdao (China), Manila (Philippines) and Jeddah (Saudi Arabia).”
Like-for-like gross volumes in Q4 2019 accelerated to 2.1% with growth driven by Asia Pacific and Africa.
Jebel Ali handled 14.1 million TEUs in 2019, down 5.6% year-on-year due to a decline in low margin cargo.
Bin Sulayem explained: “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.”
At a consolidated level, DP World’s terminals handled 39.9 million TEUs 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.