DP WORLD increases container volumes to 56 mln TEU in 2012
DP World handled 56.1 million TEU (twenty-foot equivalent units) across its global portfolio in 2012, a 2.4% increase over the prior year. Adjusting for the divestment of four joint venture terminals during the year, like for like gross container volume growth was 3.7% ahead of last year1, according to press release.
This annual increase in gross container volumes was driven by a good performance from the Americas, Asia Pacific and Middle East regions where the focus on delivering improved efficiencies and productivity attracted more containers into our ports.
The UAE region continued to operate at very high levels of capacity utilization, increasing the number of containers handed to 13.3 million TEU for the year.
DP World’s portfolio of consolidated2 terminals handled 27.1 million TEU during 2012. Had the five terminals in Australia not been deconsolidated from 12 March 2011, the consolidated terminals would have delivered 0.9% growth ahead of the prior year. Like for like growth across the consolidated portfolio was 0.7%.
Chairman Sultan Ahmed Bin Sulayem commented:
“During the year, the deteriorating macroeconomic environment and high levels of capacity utilization, led us to change our short term strategy to focus more on high quality revenue generating business, and giving our customers the quality of service they are accustomed to with DP World.”
Group Chief Executive Mohammed Sharaf commented:
“After a strong start to the year we had a challenging second half. Our tight focus on cost management and higher quality revenue mean we still expect to achieve EBITDA in line with expectations for 20123. Lower net financing charges will benefit reported profit before tax.
“2013 is an exciting year for us with planned new capacity on track to open in Santos (Brazil), Jebel Ali (UAE) and London Gateway (UK). Whilst there remains much
1 Like for like gross container volume growth adjusts for the divestment of Tilbury (UK), Adelaide (Australia), Aden (Yemen) and Vostochny (Russia) which were all divested during 2012 and for Paramaribo (Suriname) which joined the portfolio in August 2011.
2 Consolidated throughput is throughput from all terminals where we have control as defined under IFRS.
3 Bloomberg consensus EBITDA including share of profit from equity-accounted investees is $1,313mn.
uncertainty in the macro economy we believe we are well positioned to make further progress in 2013.”
DP World expects to announce Preliminary Results on Wednesday 20 March.