DP World increases throughput from consolidated terminals by 15% to 27.7m TEU
Global marine terminal operator DP World today announced it handled more than 27.7 million TEU (twenty-foot equivalent container units) across its consolidated terminals – an increase of 15% on last year. Excluding the contribution from new terminals which joined the portfolio during 2008, volume growth was 6%. Across our total portfolio of 46 operational terminals during 2008 we handled 46.8m TEU, an increase of 8% over 2007.
"Whilst volume growth was very strong in the first half, the slowing macroeconomic environment in the second half of the year has impacted volumes at many of our terminals, most notably in the final few months of the year. Our Dubai ports saw volumes reach almost 12m TEU, an increase of 11% against last year, reflecting slower volume growth in the second half of the year," it said.
Mohammed Sharaf, Chief Executive of DP World commented: “2008 has been another solid year of growth for DP World as we have continued to grow volumes across the majority of our terminals, despite the increasingly challenging macroeconomic environment in the second half of the year. We anticipate delivering strong 2008 results with profit before tax expected to be well ahead of 2007.
“We have successfully integrated our new terminals at Aden, Dakar and Sokhna into our portfolio and won a concession to operate two terminals in Algeria, which will contribute to our volume numbers during this year. We continue to improve efficiencies at our terminals and we are successfully managing the rollout of a major capacity expansion project at our flagship terminal in Jebel Ali.
“Whilst we remain confident of the long-term prospects for the industry and DP World’s strong competitive positioning, the container terminal industry has reported increasingly challenging conditions during 2008, which have worsened during the fourth quarter. We expect these conditions to remain for the foreseeable future. With this in mind, we have implemented a strategy to focus on minimising the impact on margins and preserving cash, which includes reducing costs and taking a prudent approach to our working capital position.
“It is too early to comment with any certainty on the outcome for 2009, but we believe our proactive approach to cost reduction and our strong focus on efficiency and customer service will help to mitigate the impact on profitability.”
DP World anticipates announcing financial results for the 12 months to 31 December 2008 on Wednesday 25 March 2009.