(MENAFN- Khaleej Times) Global ports operator DP World Limited recorded 10.1 per cent growth in gross container volumes by handling 70.1 million twenty-foot equivalent units across its global portfolio of container terminals in 2017.
DP World Group Chairman and Chief Executive Officer Sultan Ahmed bin Sulayem said the growth was driven by improved trading environment and market share gains.
"Our global portfolio once again delivered ahead-of-market growth in 2017 and has seen strong performance across all three regions. Over the years, we have deployed the relevant deep-water capacity in key markets, focusing on a diversified portfolio which continues to benefit from the recovery in global trade," he said.
Sulayem said the ports operator would see stable performance in the UAE as volumes continued to grow in the fourth quarter of 2017 amidst uncertainty in the region and tougher year-over-year comparables. "The performance across our other terminals in the Middle East & Africa remains strong in addition to Europe and the Americas."
In 2018, DP World, DP World, which operates 78 marine and inland terminals around the world, expects to continue to grow ahead of the market and see increased contributions from our new developments, said Sulayem. "We continue to seek opportunities in complementary sectors in the global supply chain and will maintain capital expenditure discipline by bringing on capacity in line with demand. Given the strong volume performance of our portfolio, we are well placed to meet full year 2017 market expectations."
In the fourth quarter, the global portfolio grew 10.3 per cent year-on-year on a reported basis and 9.9 per cent on a like-for-like basis with consistent performance across all three DP World regions and particularly strong contributions from our terminals in Europe, Americas and Middle East and Africa. The UAE handled 15.4 million TEU in 2017 up by four per cent year-on-year.
Last month, DP World and India's National Investment and Infrastructure Fund (NIIF), announced the creation of a fund to invest up to $3 billion in the transport and logistics sectors in India.
In December, DP World acquired a further 66.67 per cent stake in Brazil's Embraport, making it the sole owner of the largest private multi-modal port terminal in Latin America's largest container port.
A series of acquisitions and technology tie-ups saw the global trade enabler expand its business horizons across the world. This included over $1 billion in capital expenditure during 2017.
In September 2017, the company took over two state-owned maritime entities in Dubai for $405 million, its second acquisition of assets in the UAE in three years after buying the Jebel Ali free zone owner in a $2.6 billion acquisition.-
Issac John Associate Business Editor of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.
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