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DP World sees flat growth for FY2020

DP World sees flat growth for FY2020
Jebel Ali at night

DP World recorded flat growth across its global portfolio of container terminals in FY2020, up 0.2% at 71.2m teu, despite a 7.6% jump in gross container volumes in Q4 to 19.1m teu.

Q4 volumes grew 6.5% on a like-for-like basis, which was mainly driven by India, Europe, Middle East, Africa and the Americas.

Sultan Ahmed Bin Sulayem, group chairman and chief executive officer of DP World, said: “This strong end to the year resulted in flat growth in 2020 which compares favourably against an industry that is estimated to be down 2.1%

“Overall, this once again illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market.”

DP World’s flagship Jebel Ali terminal handled 3.4m teu in Q4, up 0.3% year-on-year, while its Mundra, London Gateway, Rotterdam, Antwerp Gateway and Sokhna also had a strong performance during the same period.

At a consolidated level, DP World’s terminals handled 11.2m teu during Q4, increasing 10.1% on a reported basis and up 5.2% on a like-for-like basis.

On a consolidated basis for FY2020, DP World handled 41.7m teu up 4.6% on a reported basis and down 1.8% on a like-for-like basis.

The reported FY2020 growth of 33.3% in the Americas and Australia region has been mainly attributed to the consolidation of Caucedo, Dominican Republic, and the acquisition of Fraser Surrey Docks in Canada.

“We continue to invest selectively in projects that offer compelling valye such as Dakar (Senegal) and Luanda (Angola),” Bin Sulayem added. “Our strategy to provide solutions to cargo owners has served us well, and our aim is to continue to build on this momentum.”