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Monday 26 October, 2020

DP World Limited

DP WORLD REPORT +3.1% GROSS VOLUME GROWTH IN 3Q20

RNS Number : 1725D
DP World Limited
26 October 2020
 

 

DP WORLD REPORTS +3.1% GROSS VOLUME GROWTH IN 3Q2020

 

 

Dubai, UAE Monday 26 October 2020: DP World Limited handled 18.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 3Q2020, with gross container volumes increasing by 3.1% year-on-year on a reported basis and up 1.9% on a like-for-like basis[1]. On a nine-month basis, DP World handled 52.2 million TEU, decreasing 2.5% on a reported basis and down 2.0% on a like-for-like basis.

 

Like-for-like gross volume growth was mainly driven by Europe, Middle East & Africa and Americas with a strong performance from London Gateway (UK), Jeddah (Saudi Arabia), Sokhna (Egypt), Rotterdam (Netherlands) and Antwerp Gateway (Belgium). In Americas, growth was driven by Buenos Aires (Argentina), Santiago (Chile) and Vancouver (Canada).  Jebel Ali (UAE) handled 3.4 million TEU in 3Q2020, down 4.2% year-on-year.

 

At a consolidated[2] level, our terminals handled 10.6 million TEU during 3Q2020, increasing 3.0% on a reported basis and down 1.7% year-on-year on a like-for-like[3] basis. The reported growth of +22.1% in Americas and Australia region is mainly due to the consolidation of Caucedo (Dominican Republic).

 

 

Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented:

 

We are delighted to report that third quarter volumes turned positive across our three regions with DP World throughput growing by 1.9% year-on-year compared to a 2.2%[4] decline for the industry. This performance is ahead of expectations and once again illustrates the resilience of the global container industry, and DP World's continued ability to outperform the market. 

 

The recovery in volumes was broad based with quarter-on-quarter throughput increasing by almost 10% as world economies began to ease lockdown restrictions. India, which witnessed a sharp slowdown in 2Q 2020, saw a significant volume improvement versus the second quarter, while Jebel Ali (UAE) delivered 3.4% growth against the previous quarter as trade in the region began to stabilize.   

 

During this challenging period, we have focused on maintaining efficient supply chains to sustain the delivery of critical and essential cargo. Our strategy to provide solutions to cargo owners has served us well, and our aim is to continue to build on this momentum.

 

Looking ahead, we remain focused on containing costs to protect profitability and managing growth capex to preserve cashflow.

 

Overall, while we are encouraged by the recent volume trends, the outlook remains uncertain given the possibility of new lockdowns due to Covid-19 second wave, geopolitical uncertainty with US elections and lack of progress made on trade wars. However, the nine-month solid volume performance leaves us well placed to deliver a relatively stable financial performance in 2020 and we remain confident of meeting our 2022 targets.

 

 

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Investor Enquiries:

 

Redwan Ahmed  Amin Fikree

DP World Limited  DP World Limited

Mobile: +971 50 5541557  Mobile: +971 56 6811553

Direct: +971 4 8080842   Direct: +971 4 8080923

[email protected]  [email protected]

 

 

 

 

 

 

 

 

Further Information

 

Gross Volume  

'000 TEU  

3Q  

2019  

3Q  

2020  

% Growth  

(like for like)  

9M  

2019  

9M  

2020  

% Growth  

(like for like)  

Asia Pacific & India 

7,704  

7,777

+0.9%

(+0.9%)

23,950  

22,555

-5.8%

(-1.5%)

Europe, Middle East and Africa*  

7,576  

7,891

+4.2%

(+2.7%)

22,713  

22,376

-1.5%

(-2.2%)

Americas & Australia  

2,452  

2,621

+6.9%

(+2.4%)

6,880  

7,255

+5.5%

(-2.5%)

 

Total Group  

17,732  

18,289

+3.1%

(+1.9%)

 

53,543  

52,187

-2.5%

(-2.0%)

 

 

 

 

 

 

 

 

*Jebel Ali Volumes included in Middle East, Africa and Europe region  

3,563  

3,413

-4.2%

(-4.2%)

10,719 

10,086

-5.9%

(-5.9%)

 

 

 

 

 

 

 

Consolidated Volume  

'000 TEU  

3Q  

2019  

3Q  

2020  

% Growth  

(like for like)  

9M  

2019  

9M  

2020  

% Growth  

(like for like)  

Asia Pacific & India 

2,290

2,109

-7.9%

(-7.9%)

6,975  

 6,393

-8.4%

(-8.4%)

 

Europe, Middle East and Africa*  

5,881

5,914

+0.6%

(-0.6%)

17,543  

17,095

-2.6%

(-3.0%)

Americas & Australia  

2,085

2,546

+22.1%

(+1.6%)

5,233  

7,051

+34.7%

(-2.7%)

 

Total Group  

10,257  

10,569

+3.0%

(-1.7%)

29,752  

30,539

+2.6%

(-4.1%)

 

 

About DP World

 

We are the leading provider of worldwide smart end-to-end supply chain logistics, enabling the flow of trade across the globe. Our comprehensive range of products and services covers every link of the integrated supply chain - from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions.

 

We deliver these services through an interconnected global network of 129 business units in 55 countries across six continents, with a significant presence both in high-growth and mature markets. Wherever we operate, we integrate sustainability and responsible corporate citizenship into our activities, striving for a positive contribution to the economies and communities where we live and work.

 

Our dedicated, diverse and professional team of more than 55,000 employees from 134 countries are committed to delivering unrivalled value to our customers and partners. We do this by focusing on mutually beneficial relationships - with governments, shippers, traders, and other stakeholders along the global supply chain - relationships built on a foundation of mutual trust and enduring partnership.

 

We think ahead, anticipate change and deploy industry-leading technology to further broaden our digital vision to disrupt world trade and create the smartest, most efficient and innovative solutions, while ensuring a positive and sustainable impact on economies, societies and our planet.

 

[1]Like for like gross container volume adjusts for volumes at Posorja (Ecuador) Porto Lirquen, Porto Central (Chile), Surabaya (Indonesia), Fraser Surrey Docks (Canada), Swiss Terminal (Germany) and Tianjin (China)

[2] Consolidated throughput is throughput from all terminals where the group has control as per IFRS.

[3] Like for like consolidated container volume adjusts for Posorja (Ecuador) Porto Lirquen, Porto Central (Chile), and Consolidation of Australia and Caucedo (Dominican Republic).

[4] Drewry estimates

 

 

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