DP World, a leading global trade enabler, has reported a 3.7% increase in gross volume growth on a like-for-like basis in the first quarter of 2023. This positive growth is a testament to the company’s relentless commitment to delivering exceptional service to its customers in a rapidly evolving business landscape.
The Dubai-based port operator has been investing heavily in digital transformation and expanding its operations globally, which has paid off in terms of strong financial performance. The company’s like-for-like gross volumes, which exclude the impact of acquisitions, divestments, and other one-off items, rose to a total of 19.5 million twenty-foot equivalent units (TEUs) in Q1 2023.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said, “Our performance in the first quarter of 2023 was encouraging, with solid volume growth across our global portfolio. This reflects our ability to adapt to the changing needs of our customers and our commitment to providing them with world-class services and innovative solutions.”
The company’s flagship Jebel Ali port in Dubai, which is the largest port in the Middle East and a major transshipment hub, recorded a 2.9% increase in volumes in Q1 2023, handling a total of 3.6 million TEUs. Other key ports in the DP World network, including Southampton in the UK, Antwerp in Belgium, and Nhava Sheva in India, also reported strong volume growth.
DP World’s logistics division, which provides end-to-end supply chain solutions to customers worldwide, also performed well in Q1 2023. The division’s revenue increased by 9.6% year-on-year to $1.6 billion, driven by higher volumes and improved pricing.
DP World’s continued focus on innovation and digital transformation has played a crucial role in its success. The company has been at the forefront of developing and implementing new technologies to enhance efficiency and reduce costs in its operations. For instance, DP World has been investing in blockchain technology to improve transparency and security in its supply chain, and it recently launched a new online platform, called My.DPWorld, to enable customers to manage their cargo and track their shipments in real-time.
Sulayem said, “Our investments in digitalization and innovation have been critical to our success in delivering superior customer experiences and driving growth in our business. We remain committed to investing in new technologies and solutions that will enable us to stay ahead of the curve and provide our customers with even more value.”
He also emphasized the importance of collaboration between the public and private sectors, saying that it is essential for driving innovation and providing citizens with better services. Sulayem noted, “By working together, we can create a more connected society that is agile enough to stay ahead of global trends.
Looking ahead, DP World remains optimistic about its prospects for the rest of 2023 and beyond. The company has a strong pipeline of projects and acquisitions in the works, including the construction of a new deep-water port in Senegal and the acquisition of a 60% stake in UNICO Logistics, a leading logistics provider in South Korea. With a global presence and ambitious plans for growth, DP World is well-positioned to capitalize on emerging market opportunities and make the most of future economic upturns. By staying focused on its mission while adapting to new challenges, DP World is poised to remain an industry leader in years to come.
Sulayem said, “We are confident that our business is well-positioned to capitalize on the opportunities presented by the evolving global trade landscape. We will continue to invest in our people, our technology, and our infrastructure to ensure that we remain a world-class trade enabler and partner of choice for our customers.”
In conclusion, DP World’s strong performance in Q1 2023 underscores its resilience and ability to adapt to changing market conditions. With its focus on innovation and customer service, the company is well-positioned to capitalize on the opportunities presented by the rapidly evolving global trade landscape.
