Dubai-based global port operator DP World saw a growth of 1.4% in volumes handled in full-year (FY) 2022 led by growth in Asia Pacific, Middle East & Africa, Australia, and Americas.
While the volumes shipped bucked the industry forecast of a 0.5% dip, growth rates moderated in the final quarter and the port operator warned that the outlook remains uncertain due to rising inflation, higher interest rates and geopolitical uncertainty.
The maritime firm, one of the world’s largest, handled 79 million TEU (twenty-foot equivalent units) across its portfolio of container terminals in 2022, with gross container volumes increasing by 1.4% YoY on a reported basis and 2.8% on a like-for-like basis.
In a filing on Nasdaq on Monday where its bonds are listed, DP World said that consolidated volumes reached 46.1 million TEU during the quarter, up by 1.5% on reported basis and 0.7% on like-for-like basis.
The flagship port of Jebel Ali (UAE) handled 14 million TEU, up 17% YoY.
For Q4 2022, the ports handled 19.5 million TEU, up 2.4% on a like-for-like basis.
Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer said: "As expected, growth rates moderated in the final quarter of 2022 due to the more challenging economic environment. Looking ahead to 2023, we expect our portfolio to continue to deliver growth but the outlook remains somewhat uncertain due to rising inflation, higher interest rates and geopolitical uncertainty."
The port operator reverted to being a state holding firm after delisting from Nasdaq Dubai in 2020.
(Reporting by Brinda Darasha; editing by Seban Scaria)