DP World's Reported Volume Growth Outperforms Market Forecast
DP World Limited handled 79.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in full year 2022, with gross container volumes increasing by 1.4% year-on-year on a reported basis and up 2.8% on a like-for-like basis.
On a Q4 2022 basis, DP World handled 19.5 million TEU, up 2.4% on a like-for-like basis.
2022 gross volume growth was broad based with Asia Pacific, Middle East & Africa, Australia, and Americas regions all delivering like-for-like growth.
At an asset level, Jebel Ali (UAE), Jeddah (Saudi Arabia), Angola (Angola), Sokhna (Egypt), London Gateway (UK), Constanta (Romania), Caucedo (Dominican Republic), Posorja (Ecuador), DP World Santos (Brazil) and all our ports in Australia (Brisbane, Sydney, Fremantle and Melbourne) delivered a solid performance.
Jebel Ali (UAE) handled 14.0 million TEU in 2022, up 1.7% year-on-year.
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At a consolidated level, our terminals handled 46.1 million TEU during 2022, increasing 1.5% on a reported basis and up 0.7% year-on-year on a like-for-like basis.
Group Chairman and Chief Executive Officer, Sultan Ahmed Bin Sulayem, commented: “We are delighted to report another solid volume performance with like-for-like growth of 2.8% in 2022, which is once again ahead of industry forecast of a marginal decline of -0.5%.
"This outperformance continues to demonstrate that we are in the right locations and our strategy to offer integrated supply chain solutions to beneficial cargo owners is bearing fruit.
“Growth was driven by Asia Pacific, Americas and Australia region. Encouragingly, Jebel Ali’s (UAE) high margin origin & destination cargo grew by 8.6%, with overall volume growth steady at 1.7% for the year.
“As expected, growth rates moderated in the final quarter of 2022 due to the more challenging economic environment.
"Looking ahead to 2023, we expect our portfolio to continue to deliver growth, but the outlook remains somewhat 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. The solid volume performance leaves us well placed to deliver an improved set of full year results.”
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