Tuesday 24 November 2020 - 10:46:47 am

DP World reports 3.1% increase in gross volume growth in Q3 2020


DUBAI, 26th October, 2020 (WAM) -- DP World Limited handled 18.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in Q3 2020, with gross container volumes increasing by 3.1 percent year-on-year on a reported basis and up 1.9 percent on a like-for-like basis.

On a nine-month basis, DP World handled 52.2 million TEU, decreasing 2.5 percent on a reported basis and down 2.0 percent on a like-for-like basis, the company said in a statement on Monday.

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 Q3 2020, down 4.2 percent year-on-year.

At a consolidated level, our terminals handled 10.6 million TEU during Q3 2020, increasing 3.0 percent on a reported basis and down 1.7 percent year-on-year on a like-for-like basis. The reported growth of +22.1 percent in Americas and Australia region is mainly due to the consolidation of Caucedo (Dominican Republic).

Commenting on the financial results, Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said, "We are delighted to report that third quarter volumes turned positive across our three regions with DP World throughput growing by 1.9 percent year-on-year compared to a 2.2 percent 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."

He added that the recovery in volumes was broad based with quarter-on-quarter throughput increasing by almost 10 percent as world economies began to ease lockdown restrictions. India, which witnessed a sharp slowdown in Q2 2020, saw a significant volume improvement versus the second quarter, while Jebel Ali (UAE) delivered 3.4 percent growth against the previous quarter as trade in the region began to stabilise.

Bin Sulayem noted, "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 cash flow."

 

WAM/Rola Alghoul/Rasha Abubaker