DP World Limited DPW 9.3% LIKE-FOR-LIKE VOLUME GROWTH IN 1H 2014 (1074N)
July 24 2014 - 2:00AM
UK Regulatory
TIDMDPW
RNS Number : 1074N
DP World Limited
24 July 2014
DP WORLD REPORTS 9.3% LIKE-FOR-LIKE VOLUME GROWTH IN FIRST
HALF OF 2014
Dubai, UAE Thursday 24 July 2014 - DP World Limited handled 29.4
million TEU (twenty-foot equivalent units) across its global
portfolio of container terminals during the first half of 2014,
with gross container volumes growing by 9.3% on a
like-for-like([1]) basis. On a reported basis gross volumes grew by
10.7% with new volume at London Gateway (UK) and Embraport (Brazil)
contributing to the increase.
Growth in the first half was largely driven by an improved
performance from our Asia Pacific and India Subcontinent, Europe
and UAE terminals. The UAE delivered another strong performance
handling 7.4 million TEU, representing growth of 14.1% in the first
half. Encouragingly, growth in Europe continued to accelerate in
the second quarter, showing strong growth in the first half of 2014
when compared with the challenging first half of 2013.
At a consolidated([2]) level, our terminals handled 13.9 million
TEU during the first half of 2014, an 11.2% improvement in
like-for-like([3]) performance. On a reported level, the growth
rate of 8.5% in consolidated volumes reflects the deconsolidation
of Hong Kong assets in March last year.
Chairman Sultan Ahmed Bin Sulayem commented:
"We are very pleased with our throughput performance in the
first half of the year. As anticipated, we have seen a return to
healthy volume growth in 2014 due to the addition of new capacity
and a pick-up in global trade. After a strong first quarter we have
continued the positive momentum reporting an even stronger second
quarter and overall very solid half year numbers.
"Our flagship Jebel Ali port continues to achieve new records,
with 3.8 million TEU handled in the second quarter. We will shortly
open an additional 2 million TEU capacity at Terminal 3 with a
further 2 million coming on line later in the year. This will take
total Jebel Ali capacity to 19 million TEU, ensuring that we are
well placed to handle future capacity demands in Dubai."
Group Chief Executive Mohammed Sharaf commented:
"Our impressive performance in the first half of 2014 shows we
have the right capacity in the right locations. The market is
forecast to grow at approximately 5% in 2014, and we remain
confident in our ability to outperform it.
"As always, we continue to focus on driving profitability by
targeting higher margin throughput while containing costs and
improving efficiencies. Overall performance remains in line with
our expectations."
Investor Enquiries
Redwan Ahmed Jasmine Lindsay
DP World Limited DP World Limited
Mobile: +971505541557 Mobile:+971504220405
Direct:+97148080842 Direct: +97148080812
redwan.ahmed@dpworld.com jasmine.lindsay@dpworld.com
Further Information
Like-for-like growth numbers have been prepared to normalize for
divestments and new capacity across the global portfolio.
-- In March 2013 1.6 million TEU capacity was deconsolidated
from the Asia Pacific and Indian Subcontinent region.
-- New capacity includes London Gateway (UK), Embraport (Brazil)
and small test volumes at Rotterdam (Netherlands).
Gross Volumes Q1 2014 Q2 2014 H1 2014 H1 2013 H1 Growth
'000 TEU (Like
for like)
----------------------- -------- -------- -------- -------- -----------
Asia Pacific
& India Subcontinent 6,773 7,026 13,799 12,460 +10.7%
(+10.7%)
----------------------- -------- -------- -------- -------- -----------
Europe, Middle
East and Africa* 5,867 6,271 12,137 10,845 +11.9%
(+11.1%)
----------------------- -------- -------- -------- -------- -----------
Americas &
Australia 1,696 1,764 3,460 3,255 +6.3%
(-1.7%)
----------------------- -------- -------- -------- -------- -----------
Total Group 14,336 15,061 29,397 26,561 +10.7%
(+9.3%)
----------------------- -------- -------- -------- -------- -----------
Consolidated Q1 2014 Q2 2014 H1 H1 2013 H1 Growth
Volumes 2014 (Like
'000 TEU for like)
----------------------- -------- -------- ------- -------- -----------
Asia Pacific
& India Subcontinent 1,188 1,222 2,411 2,469 -2.4%
(+16.5%)
----------------------- -------- -------- ------- -------- -----------
Europe, Middle
East and Africa* 4,966 5,282 10,248 9,151 +12.0%
(+11.0%)
----------------------- -------- -------- ------- -------- -----------
Americas &
Australia 601 629 1,231 1,187 +3.7%
(+3.7%)
----------------------- -------- -------- ------- -------- -----------
Total Group 6,756 7,133 13,889 12,807 +8.5%
(+11.2%)
----------------------- -------- -------- ------- -------- -----------
*UAE Volumes
included in
Middle East,
Africa and
Europe region 3,599 3,836 7,435 6,518 +14.1%
---------------- ------ ------ ------ ------ -------
[1] Like for like gross container volume growth adjusts for new
capacity at Embraport (Brazil) and London Gateway (UK) and small
test volumes at Rotterdam (Netherlands).
[2] Consolidated terminals are those where we have control as
defined under IFRS.
[3] Like for like consolidated volume growth adjusts for the
monetisation of CT3 (Hong Kong) and new capacity at London Gateway
(UK).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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