DP World reports 2.5% gross volume growth in H1

27/07/2016 05:40 AST

DP World Limited handled 31.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first half of 2016, with per cent gross container volumes growing by 2.5 per cent on a reported basis, and up 1.2% on a like-for-like1 basis.

Growth in the first half of 2016 was largely driven by a strong performance from our European and Indian subcontinent terminals. Conditions in Australia and Latin America remain challenging while the UAE handled 7.4 million TEU, down 6.0 per cent year-on-year due to a reduction in lower-margin cargo.

At a consolidated2 level, our terminals handled 14.6 million TEU during the first half of 2016, a 1.6 per cent improvement in performance on a reported basis and down 1.4 per cent year-on-year on a like-for-like3 basis.

Group Chairman and Chief Executive Sultan Ahmed Bin Sulayem commented: “Despite challenging market conditions in the first half of the year, our portfolio continues to deliver growth.

“We expect the second half of 2016 to show an improved performance as our new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) deliver an increasing contribution.

“We continue to focus on driving profitability by targeting higher margin cargo, improving efficiencies and managing costs. We are encouraged by the progress we have made in the first half of 2016, and we remain confident in meeting full year market expectations.”

Meanwhile, global trade enabler DP World has announced a $100,000 grant for the Emirates Youth Council to help Emirati youth shape a bright and sustainable future for the UAE and contribute to achieving the UAE Vision 2021.

The announcement was made at the first Strategic Youth Circle organised by the Dubai Youth Council, the executive arm of the Emirates Youth Council and hosted by DP World earlier this week.

The Gulf Today