UAE: DP World Delivers Throughput Growth of 11 Pct

DP World’s global portfolio of container terminals has continued to build on the excellent start to 2011 with the momentum continuing into the second quarter. Gross volumes for the first six months of the year were 26.2 million TEU or 11% ahead of the prior year.

This performance was driven by strong growth in the Asia Pacific, UAE, Africa and Americas regions, as well as new volumes from recently opened capacity in Callao, Peru and Qingdao, China. Like for like gross volume growth was 10%1. DP World’s portfolio of consolidated terminals2 handled 13.5 million TEU in the first six months of the year. DP’s five terminals in Australia not been deconsolidated from 12 March 2011, the consolidated terminals would have delivered 10% growth ahead of the same six month period in 2010. Like for like consolidated volume growth in the first half was 8%3.

The UAE handled 6.1 million TEU in the first six months of the year, with a record 3.1 million TEU handled during April, May and June. Whilst the first six months delivered growth 11% ahead of the same period last year, this continues to reflect a relatively weak comparable period in the first half of 2010.

DP World continues to invest in new capacity and our development in Vallarpadam, India and Karachi, Pakistan both opened in the first quarter of the year and are making good progress.

Mohamed Sharaf, Chief Executive Officer, DP World commented: “DP World has delivered a very strong performance in the second quarter of the year, resulting in over 26 million containers handled for the first six months of the year, delivering a performance ahead of the industry, reflecting our positioning in the faster growing emerging markets.

We are particularly pleased to see the UAE achieving another milestone in container handing volumes with a record 6.1 million TEU handled in six months.

‘The strong container volumes seen in the first half of the year will result in a significant improvement in first half profit after tax4 against the same period last year.

“As we go into the second half of the year, there is some uncertainty around the global economy making it difficult to forecast how global trade will develop. Whist this uncertainty is not, as yet, reflected across our portfolio, and with our focus on the more resilient emerging markets we still expect to deliver full year results in line with expectations.”

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Source: dpworld, July 26, 2011;

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