DP World reports gross volume growth of 1.9% in 1Q 2022
DP World Limited handled 19.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2022, with gross container volumes increasing by 1.7% year-on-year on a reported basis and up 1.9% on a like-for-like basis.
1Q2022 volume growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions. At an asset level, Qingdao (China), Sokhna (Egypt), London Gateway (UK), Yarimca (Turkey), Dakar (Senegal), Caucedo (Dominican Republic), Buenos Aires (Argentina) and Posorja (Ecuador) delivered a strong performance. Jebel Ali (UAE) handled 3.4 million TEU in 1Q2022, a decrease of 1.0% year-on-year.
At a consolidated level, our terminals handled 11.3 million TEU during the first quarter of 2022, increasing 1.4% on a reported basis and up 1.1% year-on-year on a like-for-like basis.
Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented: “As anticipated, 1Q2022 volume growth has softened due to the strong prior-year performance and uncertain macro environment. However, we continue to see robust growth in markets such as Asia Pacific and the Americas, while in Europe, London Gateway’s strong performance has continued into 2022. The softer volumes Jebel Ali (UAE) is due to loss of low margin throughput where we remain focused on more profitable origin & destination cargo.
Looking ahead, the near-term outlook is mixed given the geopolitical environment, but we remain positive on the medium to long term fundamentals of the industry. On our broader portfolio, we continue to make strong progress in strengthening our product offering, allowing us to connect directly with cargo owners to deliver a range of unique logistic solutions. Overall, we remain focused on integrating our recent acquisitions, growing profitability while managing growth capex, delivering on our 2022 leverage targets and disciplined investment to cement DP World’s position as the logistics partner of choice”