The UAE-headquartered port operator DP World Limited handled 19.3 million TEU across its global portfolio of container terminals in the first quarter of 2022, which represents a slight 1.7% increase year-on-year.
DP World said this growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions, while the company’s flagship port of Jebel Ali in UAE handled 3.4 million TEU in 2022 first quarter, which translates to a decrease of 1% year-on-year.
Group chairman and CEO, Sultan Ahmed Bin Sulayem, commented, “As anticipated, 1Q2022 volume growth has softened due to the strong prior-year performance and uncertain macro environment. However, we continue to see robust growth in markets such as Asia Pacific and the Americas, while in Europe, London Gateway’s strong performance has continued into 2022. The softer volumes Jebel Ali (UAE) is due to loss of low margin throughput where we remain focused on more profitable origin & destination cargo.”
At a consolidated level, DP World’s terminals handled 11.3 million TEU during the first quarter of 2022, increasing 1.4% on a reported basis and up 1.1% year-on-year on a like-for-like basis.
“Overall, we remain focused on integrating our recent acquisitions, growing profitability while managing growth CAPEX (Capital Expenditure), delivering on our 2022 leverage targets and disciplined investment to cement DP World’s position as the logistics partner of choice,” added Sultan Ahmed Bin Sulayem.
