UAE: DP World Reports Another Strong Performance in Third Quarter

 

DP World’s global portfolio of container terminals has delivered another solid quarter handling gross volumes of 14.4 million TEU in the third quarter of 2011, 10% ahead of the third quarter last year.

Gross volumes for the first nine months of the year were 40.6 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 acquired Suriname and additional capacity in Callao, Peru and Qingdao, China. Like for like gross volume growth was 9%1.

Our portfolio of consolidated terminals2 handled 20.5 million TEU in the first nine months of the year. Had our five terminals in Australia not been deconsolidated from 12 March 2011, the consolidated terminals would have delivered 9% growth ahead of the same nine month period in 2010. Like for like consolidated volume growth in the first nine months was 8%3. The growth in our consolidated portfolio was primarily from the UAE, Africa and Americas regions.

For the first nine months of the year, the UAE handled 9.5 million TEU or 11% ahead of the same period last year.

Sultan Ahmed Bin Sulayem, Chairman of DP World, commented:

“DP World has delivered another very strong performance in the third quarter of the year, resulting in over 40.6 million containers handled so far this year. This 11% growth in volumes when compared to last year continues to reflect our focus on the faster growing emerging markets, resulting in another performance well ahead of the industry.

“The UAE region has continued to do well with the third quarter delivering excellent growth as Dubai continues to strengthen its position as a global trading hub for the fast growing economies of the Middle East, India and Africa.”

Mohammed Sharaf, Chief Executive of DP World said:

“Whilst uncertainty continues to affect the global economy our business continues to perform well. Despite the tougher fourth quarter comparatives, we continue to believe that we will achieve full year EBITDA in line with expectations.”

Source: DP World, October 25, 2011

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