DP World Limited will today hold its Annual General Meeting for the year ended 31 December 2010. Mohammed Sharaf, Chief Executive Officer will make the following statement regarding trading in the first quarter of 2011.
"In 2010 the industry reported a sustained return to container volume growth which has continued into the first quarter of 2011.
"With that positive backdrop, we are pleased to report that DP World has continued the improvements seen in 2010, delivering volume growth in the first quarter of 2011 over the same period in 2010.
"Our portfolio of 49 operational terminals has seen gross volumes grow 12% to 12.6 million TEU driven by strong growth in the UAE, Africa and the Americas region. Like for like gross volume growth was 10%[1].
"Our portfolio of consolidated terminals[2] handled 6.8 million TEU in the first quarter. Whilst this reflects
an 8.5% increase ahead of the same period last year, had our five terminals in Australia not been
deconsolidated from 12 March 2011, the consolidated terminals would have delivered 11% growth ahead of the same quarter in 2010. Like for like consolidated volume growth in the first quarter was 7.5%[3].
"During 2010, the UAE region reported continued quarterly improvement in container handling volumes. This has continued into the first quarter of 2011 with 3.0 million TEU handled over the 3 month period. Whilst this is 12% ahead of the same period last year it reflects a relatively weak comparable period in 2010.
"Following this good start to the year we remain confident that we should deliver a better performance in 2011 than in 2010.
"Subject to completion of the UKLA admission process, we remain on track to list on the London Stock Exchange around the end of May or early June. "
Prior to the listing on the London Stock Exchange, and subject to shareholder approval at today's AGM, the 1 for 20 share consolidation, as announced on 6 April 2011 will take place on Thursday 19 May.
The voting results for all of the AGM resolutions and a further statement in relation to the share consolidation will be available on www.nasdaqdubai.com and www.dpworld.com after the AGM.
"In 2010 the industry reported a sustained return to container volume growth which has continued into the first quarter of 2011.
"With that positive backdrop, we are pleased to report that DP World has continued the improvements seen in 2010, delivering volume growth in the first quarter of 2011 over the same period in 2010.
"Our portfolio of 49 operational terminals has seen gross volumes grow 12% to 12.6 million TEU driven by strong growth in the UAE, Africa and the Americas region. Like for like gross volume growth was 10%[1].
"Our portfolio of consolidated terminals[2] handled 6.8 million TEU in the first quarter. Whilst this reflects
an 8.5% increase ahead of the same period last year, had our five terminals in Australia not been
deconsolidated from 12 March 2011, the consolidated terminals would have delivered 11% growth ahead of the same quarter in 2010. Like for like consolidated volume growth in the first quarter was 7.5%[3].
"During 2010, the UAE region reported continued quarterly improvement in container handling volumes. This has continued into the first quarter of 2011 with 3.0 million TEU handled over the 3 month period. Whilst this is 12% ahead of the same period last year it reflects a relatively weak comparable period in 2010.
"Following this good start to the year we remain confident that we should deliver a better performance in 2011 than in 2010.
"Subject to completion of the UKLA admission process, we remain on track to list on the London Stock Exchange around the end of May or early June. "
Prior to the listing on the London Stock Exchange, and subject to shareholder approval at today's AGM, the 1 for 20 share consolidation, as announced on 6 April 2011 will take place on Thursday 19 May.
The voting results for all of the AGM resolutions and a further statement in relation to the share consolidation will be available on www.nasdaqdubai.com and www.dpworld.com after the AGM.