DP World reports 9.3% like-for-like growth in 2014

Monday, 18 August 2014 00:17 - - {{hitsCtrl.values.hits}}

DP World has reported a 9.3% like-for-like growth in volume during the first half of 2014. So far this year, the Dubai-headquartered terminal operator has handled 29.4mn twenty-foot equivalent units (TEU) across its global portfolio. On a reported basis, gross volumes grew by 10.7% with strong contributions from the firm’s London Gateway in the UK and Embraport in Brazil. “We are very pleased with our throughput performance in the first half of the year,” commented DP World chairman,

Sultan Ahmed Bin Sulayem. “As anticipated, we have seen a return to healthy volume growth in 2014 due to the addition of new capacity and a pick-up in global trade. After a strong first quarter, we have continued the positive momentum reporting an even stronger second quarter and overall very solid half-year numbers,” he added. Growth during the first half of the year was largely driven by improved performances from the company’s Asia Pacific and India Subcontinent, Europe, and UAE terminals. The Emirates port handled 7.4mn TEU, representing growth of 14.1% during the period. Encouragingly, growth in Europe also continued to accelerate during the second quarter. “Our flagship Jebel Ali port continues to achieve new records, with 3.8mn TEU handled in the second quarter,” said Sulayem. “We will shortly open an additional 2mn TEU capacity at Terminal 3 with a further 2mn coming online later in the year. This will take total Jebel Ali capacity to 19mn TEU, ensuring that we are well placed to handle future capacity demands in Dubai,” he explained. Commenting on the growth, group chief executive, Mohammed Sharaf, said: “Our impressive performance in the first half of 2014 shows we have the right capacity in the right locations. The market is forecast to grow at approximately 5% in 2014, and we remain confident in our ability to outperform it. “As always, we continue to focus on driving profitability by targeting higher margin throughput while containing costs and improving efficiencies. Overall performance remains in line with our expectations,” he concluded.