DP World reports 15% growth for 2008

Excluding the contribution from new terminals which joined the portfolio during 2008, volume growth was 6%. Across the company’s total portfolio of 46 operational terminals during 2008 it handled 46.8m teu, an increase of 8% over 2007.

While volume growth was very strong in the first half, the slowing macroeconomic environment in the second half of the year impacted volumes at many of DP World’s terminals, most notably in the final few months of the year. Its Dubai ports saw volumes reach almost 12m teu, an increase of 11% against 2007, reflecting slower volume growth in the second half of the year.

Mohammed Sharaf, chief executive of DP World, commented: “2008 has been another solid year of growth for DP World as we have continued to grow volumes across the majority of our terminals, despite the increasingly challenging macroeconomic environment in the second half of the year. We anticipate delivering strong 2008 results with profit before tax expected to be well ahead of 2007.