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DP World sees growth in 2022

DP World sees growth in 2022

DP World handled 79 million TEU across its global portfolio of container terminals for 2022, a 1.4 year-over-year increase and 2.8 per cent rise on a like-for-like basis.

In Q4 2022, DP World handled 19.5 million TEU, a 2.4 per cent surge on a like-for-like basis.

The company said last year’s gross volume growth was extended to all regions (Asia Pacific, Middle East & Africa, Australia, and Americas).

At an asset level, ports such as Jebel Ali (UAE), Jeddah (Saudi Arabia), Angola, London Gateway (UK), Constanta (Romania), Caucedo (Dominican Republic), and others performed well.

Jebel Ali handled 14 million TEU in 2022, a 1.7 per cent increase over the same period in 2021, according to London’s Port Technology.

At a consolidated level, the company’s terminals handled 46.1 million TEU during 2022, up 1.5 percent on a reported basis and up 0.7 per cent year on year on a like-for-like basis.

DP World UK handled a record 3.8 million TEU with London Gateway reporting a 14 percent rise in volumes to 2.05 million TEU, consolidating its position as the second-largest container terminal in Britain.

“Within a decade, London Gateway is likely to be handling up to 30 percent of the country’s containerized trade,” said Ernst Schulze, CEO of DP World UK.

“Its port-centric logistics park will be one of the largest in Europe, employing 12,000 people and underpinned by investment in a second rail terminal and a new fourth berth.”

The two terminals together, London Gateway and Southampton, handled a record 3.85 million TEU compared to 3.68 million TEU in 2021.

Group chairman and CEO, Sultan Ahmed Bin Sulayem, said the company’s growth was mainly driven by the Asia Pacific, Americas, and Australia regions, and that growth rates moderated in the last quarter of 2022 due to the challenging economic environment.

Looking ahead to 2023, the company expects its portfolio to continue to grow, but the outlook remains uncertain due to rising inflation, higher interest rates, and geopolitical uncertainty.

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

 

 

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