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DP World throughput up by more than 10% in 2017
The London Gateway terminal won a key contract last year

DP World throughput up by more than 10% in 2017

Last year DP World experienced its highest throughput growth rate since 2011 as container volumes rose by 10.1% to 70.1m teu.

The operator’s consolidated throughput, from terminals the International Financial Reporting Standards (IFRS) recognises as being controlled by DP World, rose by 24.7% to 36.5m teu.

DP World group chairman and CEO, Sultan Ahmed bin Sulayem, said: “As we look ahead into 2018, geopolitical headwinds in some regions pose a challenge but we expect to continue to grow ahead of the market and see increased contributions from our recent investments.”

DP World’s consolidated throughput in the Asia Pacific and Indian Subcontinent region more than doubled to over 10m teu due to the consolidation of Pusan in South Korea, although like-for-like growth stood at 2.4%.

In the Middle East, Europe and Africa region, consolidated container volumes grew by 7.6% to almost 23m teu.

The operator attributed this growth to the recovery at Jebel Ali port in the United Arab Emirates (UAE) and the THE Alliance Asia-Europe service won by the UK’s London Gateway terminal.

Consolidated volumes in Australia and the Americas surpassed 3.5m teu with an increase of 18.8%.

DP World added around 3.6m teu in gross capacity to take its total to 88m teu.

In terms of consolidated capacity, around 7.3m teu was added to take the total to 50m teu, including the consolidation of Pusan.

In 2018 the operator hopes to add further capacity in the UAE, Pusan, and Maputo in Mozambique.

In terms of finances, DP World reported a profit of US$1.2bn, up by 7.3% from 2016.

The increase in volumes across the year was cited as a factor as the company recorded a revenue of US$4.7bn, an increase of 13.2%.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 9.1% to US$2.5bn, while the operator achieved an EBTIDA margin of 52.4%.

Capital expenditure for the year stood at slightly more than US$1bn due to investments in Jebel Ali port, the Jebel Ali Free Zone, London Gateway and the Prince Rupert facility in Canada.

DP World also invested in the Berbera facility in Somaliland in 2017. Somaliland is a self-declared republic but an area that is internationally recognised as a part of Somalia, which recently voted to end all DP World contracts within the country.