UAE REGION REPORTS STRONGEST QUARTER EVER
Dubai, United Arab Emirates - Tuesday, July 26th 2011 [ME NewsWire]
DP World’s global portfolio of container terminals has continued to build on the excellent start to 2011 with the momentum continuing into the second quarter. Gross volumes for the first six months of the year were 26.2 million TEU or 11% ahead of the prior year.
This performance was driven by strong growth in the Asia Pacific, UAE, Africa and Americas regions, as well as new volumes from recently opened capacity in Callao, Peru and Qingdao, China. Like for like gross volume growth was 10%[1].
Our portfolio of consolidated terminals[2]handled 13.5 million TEU in the first six months of the year. Had our five terminals in Australia not been deconsolidated from 12 March 2011, the consolidated terminals would have delivered 10% growth ahead of the same six month period in 2010. Like for like consolidated volume growth in the first half was 8%[3].
The UAE handled 6.1 million TEU in the first six months of the year, with a record 3.1 million TEU handled during April, May and June. Whilst the first six months delivered growth 11% ahead of the same period last year, as we reported in the first quarter, this continues to reflect a relatively weak comparable period in the first half of 2010.
We have continued to invest in new capacity and our development in Vallarpadam, India and Karachi, Pakistan both opened in the first quarter of the year and are making good progress.
Mohamed Sharaf, Chief Executive Officer, DP World commented:
“DP World has delivered a very strong performance in the second quarter of the year, resulting in over 26 million containers handled for the first six months of the year, delivering a performance ahead of the industry, reflecting our positioning in the faster growing emerging markets.
“We are particularly pleased to see the UAE achieving another milestone in container handing volumes with a record 6.1 million TEU handled in six months.
“The strong container volumes seen in the first half of the year will result in a significant improvement in first half profit after tax[4]against the same period last year.
“As we go into the second half of the year, there is some uncertainty around the global economy making it difficult to forecast how global trade will develop. Whist this uncertainty is not, as yet, reflected across our portfolio, and with our focus on the more resilient emerging markets we still expect to deliver full year results in line with expectations.”
-ENDS-
Note:
DP World will report IFRS interim results for the six months to 30 June 2010 on Thursday 25 August 2011
Volumes for the first six months of 2011
Gross Volumes
2011 H1
2010 H1
Americasand Australia
3.1 million
2.6 million
AsiaPacific and Indian Subcontinent
11.8 million
10.5 million
Europe, Africa, Middle East*
11.2 million
10.5 million
Total TEU
26.2 million
23.7 million
Consolidated Volumes
2011 H1
2010 H1
Americasand Australia (1)
1.7 million
2.1 million
AsiaPacific and Indian Subcontinent
2.8 million
2.7 million
Europe, Africa, Middle East*
9.0 million
8.4 million
Total TEU
13.5 million
13.2 million
*UAE volumes incorporated in the Middle East volumes
6.1 million
5.5 million
(1)Australia was de-consolidated on 11 March 2011 and therefore volumes since 12 March 2011 are no longer be included in the consolidated figures; excluding the deconsolidation growth in the Americas and Australia region would have been 30% and growth across the global portfolio would have been 10%
About DP World
DP World is one of the largest marine terminal operators in the world, with 49 terminalsand 9 new developments and major expansions across 31 countries(1). Its dedicated, experienced and professional team of nearly 30,000 people serves customers in some of the most dynamic economies in the world.
DP World aims to enhance customers’ supply chain efficiency by effectively managing container, bulk and other terminal cargo.
The company constantly invests in terminal infrastructure, facilities and people, working closely with customers and business partners to provide quality services today and tomorrow, when and where customers need them.
In taking this customer-centric approach, DP World is building on the established relationships and superior level of service demonstrated at its flagship Jebel Ali facility in Dubai, which has been voted “Best Seaport in the Middle East” for 16 consecutive years.
In 2010, DP World handled nearly 50 million TEU (twenty-foot equivalent container units) across its portfolio from the Americas to Asia. With a pipeline of expansion and development projects in key growth markets, including India, China and the Middle East, capacity is expected to rise to around 95 million TEU by 2020, in line with market demand.
www.dpworld.com
(1) As of 11 May 2011
[1]Like for like gross volumes exclude the contribution of volumes from new terminals in Callao, Peru and Qingdao, China which became operational in 2010
[2]Until 11 March 2011, 28 of our 49 terminals were consolidated under IFRS. Following the completion of the Australian transaction on the 11 March 2011, those 5 Australian terminals are no longer accounted for within the consolidated portfolio, but are accounted for as joint ventures. From 12 March 2011 23 of our 49 terminals are consolidated under IFRS.
[3]Like for like consolidated volumes take into account the de-consolidation of the five terminals in Australia from 12 March 2011 and exclude the contribution of volumes from the new terminal in Callao, Peru which began operations in May 2010
[4]The reference to profit after tax is before separately disclosed items
Contacts
DP World
Sarah Lockie
SVP Corporate Communications
Tel: +97150 6596944
Sarah.lockie@dpworld.com
Hasaad Communications
Sanaa Maadad
Director, Media
Tel: +97150 5522610
sana@hasaad.ae
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