DP World reports stable volume performance in first half of 2019
DP World PLC handled 35.8 million Twenty-Foot Equivalent Units, TEU, across its global portfolio of container terminals in the first half of 2019, with gross container volumes growing by 0.5 percent year-on-year on a reported basis and 0.5 percent on a like-for-like basis.
Its strong performance across Asia Pacific, the Indian Subcontinent and Africa drove growth in Q2 of 2019, but weaker volumes in the UAE and Australia offset this trend, DP World said in a press statement today.
At a consolidated level, the port operator's terminals handled 19.5 million TEU during the first half of 2019. Consolidated volumes in Q2 in 2019 grew by 10.6 percent on a reported basis but down 0.6 percent on a like-for-like basis. The strong reported growth in the Americas and Australia region is due to the consolidation of Australia and the acquisition of Pulogsa, which consists of two terminals in Chile.
DP World Group Chairman and Chief Executive Officer, Sultan Ahmed Bin Sulayem, said, "In line with our expectations, we have delivered a broadly stable volume performance in the first half of 2019. Encouragingly, despite uncertainty from the trade war, we have seen robust volumes in Asia Pacific and the Indian Subcontinent, while growth in Africa remains strong. In contrast, the UAE and Australia volumes have been soft due to a loss of lower-margin cargo and challenging market conditions. However, we expect a more stable throughput performance in the UAE in the second half of the year."
"On our broader portfolio, we have made good progress in strengthening our product offering, allowing us to enable trade and connect directly with end customers to deliver a range of logistic solutions. Our near-term focus is on integrating our recent acquisitions, managing costs and disciplined investments to cement the position of DP World as the trade partner of choice," he added.
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