DP World reports volume growth of 9.4 per cent in 2021
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DP World reports volume growth of 9.4 per cent in 2021

DP World reports volume growth of 9.4 per cent in 2021

Spurred by the volume performance, DP World remains focused on increasing profitability while managing growth capex

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DP World has announced it witnessed strong volume growth in 2021. The company handled 77.9 million twenty-foot equivalent units, or TEU, across its global portfolio of container terminals in 2021, with gross container volumes increasing by 9.4 per cent year-on-year on a reported basis and up 8.9 per cent on a like-for-like basis.

Group chairman and CEO Sultan Ahmed Bin Sulayem said the company had surpassed the average industry growth rate of 6.5 per cent.

During the fourth quarter of 2021, DP World handled 19.6 million TEU, up 2.6 per cent year-on-year on a reported basis and up 2.3 per cent on a like-for-like basis.

The gross volume growth for the year was broad based, with India, Asia Pacific, Middle East and Africa, Europe, Australia and the Americas being the key growth drivers in terms of region. At an asset level, Qingdao (China); Mumbai, Mundra, Chennai (India); Sokhna (Egypt); London Gateway (UK); Caucedo (Dominican Republic); Callao (Peru) and Sydney (Australia) delivered a strong performance. Jebel Ali, in the UAE, handled 13.7 million TEU in 2021, up 1.9 per cent year-on-year.

At a consolidated level, DP World’s terminals handled 45.4 million TEU during 2021, increasing 8.8 per cent on a reported basis and 8.1 per cent year-on-year on a like-for-like basis.

Sulayem attributed the performance to the company’s continued investment in high quality assets in the right locations and its strategy to offer integrated supply chain solutions to cargo owners.

He added: “As expected, growth rates moderated in the final quarter of 2021, as the new Covid variant, inflation and supply chain bottlenecks impacted global growth. However, looking ahead to 2022, we expect our portfolio to continue to deliver growth and, while the year has started encouragingly, we remain mindful that the Covid-19 pandemic, continued supply chain disruptions, rising inflation and geopolitical uncertainty could continue to hinder the global economic recovery.

“Overall, we are pleased with the business performance in 2021 and remain focused on growing profitability while managing growth capex. The strong volume performance leaves us well placed to deliver an improved set of full year results and we remain focused on delivering our 2022 leverage targets.”

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