DP World handled 71.2 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 2019, with gross container volumes flat year-on-year on a reported basis and up +1.0% on a like-for-like basis.
Like-for-like gross volumes in 4Q 2019 accelerated to +2.1% with growth driven by Asia Pacific and Africa. Jebel Ali handled 14.1 million TEU in 2019 down 5.6% year-on-year due to a decline in low margin cargo.
At a consolidated level, our terminals handled 39.9 million TEU in 2019, an 8.6% improvement in performance on a reported basis and down 0.5% year-on-year on a like-for-like basis.
Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented:
“2019 has been a challenging year with the trade war between China and US and regional geopolitics causing uncertainty in the market. Despite this, our portfolio has delivered growth which once again demonstrates the resilience of our business. We saw robust growth across Asia and Africa driven by Pusan (South Korea), Qingdao (China), Manila (Philippines) and Jeddah (Saudi Arabia). In Europe we saw continued ramp-up in London Gateway (UK) and Yarimca (Turkey) while Prince Rupert (Canada) and Callao (Peru) continued to deliver strong growth. In the UAE, volumes were down due to the loss of low-margin throughput, where we remain focused on high margin cargo and maintaining profitability.
In 2019, we have focused on delivering an integrated supply chain solutions product that allows us to connect directly with end customers. We are seeing positive signs of progress in our new businesses that give us encouragement for the future. The near-term focus is on integrating our recent acquisitions, managing costs and disciplined investment to cement DP Worlds position as the logistics partner of choice. Overall, we remain well placed to deliver full year market expectations.