Dubai: DP World said on Tuesday it handled more than 54.7 million TEU (twenty-foot equivalent units) across its global portfolio in 2011, an increase of ten per cent on the year-before period.
The Dubai-based ports operator also said like-for-like volume growth stood at nine per cent compared with the previous year, in a statement to Nasdaq Dubai. Shares in the company closed at $10.97 on Monday, up two per cent.
The company said its portfolio of consolidated terminals handled 27.5 million TEU during 2011, adding that had its five terminals in Australia not been deconsolidated from March 12, they would have delivered nine per cent growth ahead of the prior year. Like for like growth across DP World’s portfolio of consolidated terminals was eight per cent.
“DP World delivered another strong performance in the final quarter of the year despite the macro economic uncertainty,” said Sultan Ahmad Bin Sulayem, DP World’s chairman.
“While uncertainty continues to affect the global economy, our business is still performing well. We made good progress through the fourth quarter of 2011 and we will achieve 2011 full year EBITDA (earnings before interest, taxes, depreciation and amortisation) in line with expectations. Lower than expected net financing charges will benefit reported profit before tax,” he added.
DP World says growth across its portfolio was driven by an “exceptionally strong performance” in the UAE, which delivered volume growth of 12 per cent, handling 13 million TEU for the year.
The company also said growth in its home market was complemented by strong results from operations in the Asia Pacific, Africa and Americas regions together with the addition of new capacity from terminals in Karachi, Pakistan and Vallarpadam, India; both of which opened in early 2011.
“While this uncertainty remains as we enter 2012, we continue to concentrate on delivering an improved operational and financial performance over 2011 reflecting our focus on both faster growing emerging markets and delivering an enhanced offering to our customers,” said Mohammad Sharaf, DP World’s CEO.
“As we look ahead, we continue to remain confident about the long term outlook for our industry. We believe our continued investment in existing and new terminals around the world will ensure our portfolio is best positioned to meet the expectations of our customers and their future requirements,” he added.