SIMIC

Gross container volumes increased by 1.7 per cent year on year on a reported basis and up 1.9 per cent on a like-for-like basis. Jebel Ali first quarter volumes fell 1 per cent compared to the same period last year.

First-quarter volume growth in 2022 was driven by the Asia Pacific, Middle East, Europe and Africa, and Americas regions. "At an asset level, Qingdao (China), Sokhna (Egypt) London Gateway (UK), Yarimca (Turkey), Dakar (Senegal), Caucedo (Dominican Republic), Buenos Aires (Argentina) and Posorja (Ecuador) delivered a strong performance," the company said in a Nasdaq Dubai filing.

"Jebel Ali (UAE) handled 3.4 million TEU in the first quarter of 2022, a decrease of 1.0 per cent year on year."

At a consolidated level, DP World's terminals handled 11.3 million TEU during the first quarter of 2022, increasing 1.4 per cent on a reported basis and up 1.1 per cent year on year on a like-for-like basis. The group highlight was the Americas and Australia regions, which combined saw an increase in throughput of 4.3 per cent to 2.7 million TEU.

"As anticipated, Q1 2022 volume growth has softened due to the strong prior year performance and uncertain macro environment," said group chairman and CEO Sultan Ahmed Bin Sulayem.

"However, we continue to see robust growth in markets such as Asia Pacific and the Americas, while in Europe, London Gateway's strong performance has continued into 2022. The softer volumes Jebel Ali (UAE) is due to loss of low margin throughput where we remain focused on more profitable origin & destination cargo."

Looking ahead, the CEO said the near-term volume outlook is mixed given the macro-economic and geopolitical environment, but Mr bin Sulayem remains positive on the medium- to long-term fundamentals of the industry. On the broader portfolio, DP World continues to make strong progress in bolstering its product offering, allowing it to connect directly with cargo owners to deliver a range of unique logistic solutions.

"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.