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21 May 2024

DP World business jumps 14%

DP World is confident for the short-term outlook for container terminal industry (FILE)

By Staff & Agencies

DP World said on Tuesday business rose 14 per cent last year, reflecting the expansion of the Dubai port operator's global network and a resurgence in trade as the world economy picks up steam.

The world's third-largest seaport operator said its ports handled the equivalent of 49.6 million standard 20-foot cargo containers, up from 43.4 million in 2009.

CEO Mohammed Sharaf said the growth puts the firm on track to report financial results in line with analysts' expectations and ahead of last year's figures. Full earnings are expected in the coming weeks.

"We remain confident about the long-term outlook for the container terminal industry and our strong competitive position within it," Sharaf said in a statement.

DP World's results offer a snapshot of growth in world trade levels, particularly in fast-growing emerging markets where the company increasingly has its focus. It currently operates 49 sea cargo terminals on six continents, including the Middle East's busiest in Dubai.

The 2010 gains include the addition of new ports in Vietnam and Peru to DP World's portfolio. Not counting those, DP World said container volumes were up 10 percent.

Also included in the 2010 results is the Mina Zayed terminal in the Emirati capital Abu Dhabi. DP World handed over control of that facility to Abu Dhabi Terminals at the start of this year.

Operations in Dubai and other parts of the UAE remain a core part of DP World's business. The firm said its Emirati container volumes gained 4 percent to the equivalent of 11.6 million containers in 2010.

DP World is on track to list some of its shares on the London Stock Exchange in the second quarter after postponing its plans last year.

"We are still on track for Q2; we are on track regarding the London listing by the end of the first half of 2011," DP World, Chief Executive Officer Mohammed Sharaf said on a conference call with the media.

DP World, which is already listed on the Nasdaq Dubai stock exchange, said in late June that plans for a London listing had been delayed caused by the need to find "an acceptable system that supports the dual listing."