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Dubai-based logistics giant DP World reported on Thursday that it handled higher volumes in the first quarter of 2022, led by growth in Asia Pacific and the Americas. However, it warned that the near-term outlook for volume growth is mixed, given the uncertain operating environment.
The maritime firm, one of the world’s largest, handled 19.3 million TEU (twenty-foot equivalent units) across its portfolio of container terminals in the first three months of 2022, with gross container volumes increasing by 1.7 percent year-on-year on a reported basis and 1.9 percent on a like-for-like basis.
In a filing on Nasdaq where its bonds are listed, DP World said that at a consolidated level, its terminals handled 11.3 million TEU during the first quarter, up by 1.4 percent on a reported basis and 1.1 percent on a like-for-like basis.
Jebel Ali in UAE handled 3.4 million TEU in the same quarter, a decrease of 1 percent year-on-year.
Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer, said that while the near-term outlook was mixed given the macroeconomic and geopolitical environment, the company remained positive on the medium to long term fundamentals of the industry.
"Overall, we remain focused on integrating our recent acquisitions, growing profitability while managing growth capex, delivering on our 2022 leverage targets and disciplined investment to cement DP Worlds position as the logistics partner of choice," he said.
The port operator reverted to being a state holding firm after delisting from Nasdaq Dubai in 2020.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
