DP World reports magnificent growth of 11.9% in Q3 2021

DP World Limited has handled 58.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first nine months of 2021, with gross container volumes increasing by 11.9 percent year-on-year on a reported basis and up 11.4 percent on a like-for-like basis.

On a Q3 2021 basis, DP World handled 19.8 million TEU, up 8.1 percent year-on-year and up 7.9 percent on a like-for-like basis.

In Q3 2021, the gross volume growth was mainly driven by Asia Pacific, India, Middle East & Africa and Australia with a strong performance from Qingdao (China), Mumbai (India) and Sokhna (Egypt). Jebel Ali (UAE) handled 3.4 million TEU during this period, up 0.6 percent year-on-year.

At a consolidated level, DP World terminals handled 11.4 million TEU during the third quarter of 2021, increasing 7.6 percent on a reported basis and 7.2 percent year-on-year on a like-for-like basis.

Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer, said,

"We are delighted to report another strong quarter for DP World with throughput growth of 8.1 percent, which is once again ahead of industry growth of 6.4 percent. This strong performance illustrates the resilience of the global container industry, and DP World's continued ability to outperform the market.

"Encouragingly, all our regions continue to deliver volume growth with India being a key driver, and we continue to make solid progress on our strategy to deliver supply chain solutions to beneficial cargo owners."

"The near-term outlook remains positive, but we do expect growth rates to moderate in the final quarter. Overall, we are pleased with the year-to-date performance and remain focused on growing profitability while managing growth capex. The strong nine-month volumes leave us well placed to deliver an improved set of full year results and we remain focused on delivering our 2022 targets."