DP World announces financial results for 2020

DP World announces financial results for 2020

Date: 04-15-2021

DP World, a Dubai-based global port operator with operations in 150 countries around the world announced that it handled 19.1 million TEUs in portfolio of global container terminals in the 4th quarter of 2020. In the 2020 financial year, the firm handled a total of 71.2 million TEUs, an increase of 0.2 percent from the previous year. Gross growth was 7.6 percent. Dubai's Jebel Ali Port handled 3.4 million TEUs in the fourth quarter. On an annual basis, the increase was 0.3 percent. The growth rate in America and Australia in 2020 was 33.3 percent. The merger of Caucedo in the Dominican Republic and Fraser Surrey Docks in Canada also contributed to this increase. 

DP World CEO and Group President Sultan Ahmed bin Sulayem commented that closing with relatively horizontal growth is a strong year-end figure, while the sector is expected to experience a 2.1 percent decline in 2020. Sultan Ahmed bin Sulayem said "The year 2021 has begun in an encouraging way. But forecasts remain uncertain because of the pandemic that is sweeping the world and geopolitical uncertainties .” Sulayem also stated that they are focused on costs to maintain profitability, and when looking at the data, they will also meet their 2022 targets in terms of cash flow. Sulayem noted that growth has been experienced in all regions and that is encouraging. India and Dubai Jebel Ali Port which is the group's flagship.