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29 March 2024

DP World reports 14% jump in Q3 volumes

DP World handled 13m TEUs in third quarter (FILE)

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By Staff

Global marine terminal operator DP World on Monday announced it handled 13 million TEUs (twenty-foot equivalent container units) across its portfolio of 50 operating terminals in the third quarter of the year, an increase of 14 per cent against the same period last year and a 15 per cent increase for the first nine months of the year to 36.7m TEUs compared to 31.8m TEUs in the corresponding period of last year.

“The strong Q3 results in our container operations will lead to a better second half than first half of the year; however, a slightly lower contribution from non-container operations is anticipated. Despite that, we remain on track to meet full year results in line with our expectations,” said DP World CEO Mohammed Sharaf.

Volumes for DP World’s consolidated terminals grew 8 per cent in the third quarter to 7.3m TEU and 7 per cent for the first nine months of the year to 20.5m TEU. “Like-for-like volume growth for our consolidated terminals for the third quarter was 9 per cent and for the first nine months of the year was 10 per cent,” a company statement said.

“Container volumes have remained strong during the third quarter of the year with DP World’s container volumes back in line with 2008 peak levels and with many of our regions delivering double-digit growth over Q3 last year,” Sharaf said.

The UAE has continued to deliver improved volume growth in Q3, reporting an increase of 4 per cent to 3m TEU and taking the number of containers handled in the first nine months of the year to 8.6m TEU or 3 per cent more than the prior period.

“The performance in the UAE is particularly pleasing. Handling 3m TEU in the third quarter puts the region back in line with its busiest quarter ever at the end of 2008,” Sharaf added. Non-container volumes in the UAE have also shown some improvement in the third quarter but year to date remain at lower levels than the same period last year.

“DP World continues to handle container volumes ahead of the levels reported in 2008 reflecting how resilient our portfolio was to the global declines in 2009,” the company statement said. Volume growth in the third quarter was driven by strong growth in the Asia Pacific, Americas and Australia region as well as a continuation of returning volumes across Europe and a stabilisation of volume growth in the UAE, it added.

DP World also added that its new developments in Vallarpadam, India and Karachi, Pakistan remain on scheduled to open later this year.

The Nasdaq Dubai-listed port operator had a couple of weeks ago reiterated that it would seek a dual listing in the London Stock Exchange (LSE) soon after it publishes its financial results next March.

"The balance sheet gets signed in March next year for 2010, soon thereafter, we shall be filing,” CFO Yuvraj Narayan had said on the sidelines of a conference in Dubai.

The company has delayed plans for a primary listing on the LSE earlier this year, as it awaited a link between a unified trading platform in Dubai and the LSE