DP World is on track to report a "relatively stable" financial performance for 2020, but the outlook for this year remains uncertain due to the Covid-19 pandemic, its chairman said.
The global ports operator handled 71.2 million twenty-foot equivalent units (TEUs) in 2020, with gross volumes flat year-on-year and up 0.2 per cent on a like-for-like basis, it said in a statement on Monday. It did not report 2020 financial results.
At consolidated levels, the terminals handled 41.7 million TEU, up 4.6 per cent on a reported basis and down 1.8 per cent on a like-for-like basis.
In the fourth quarter of 2020, gross container volumes increased 7.6 per cent year-on-year on a reported basis and 6.5 per cent on a like-for-like basis.
"This strong end to the year resulted in flat growth in 2020 which compares favourably against an industry that is estimated to be down 2.1 per cent," Sultan Ahmed Bin Sulayem, group chairman and chief executive of DP World, said. "Overall, the full year solid volume performance leaves us well placed to deliver a relatively stable financial performance in 2020."
In 2019, DP World's profit attributable to owners after separately disclosed items reached $1.19 billion compared to $1.29bn in 2018.
Global trade was hit hard by the Covid-19 pandemic in 2020. The value of global merchandise trade is projected to fall 5.6 per cent in 2020 compared with last year, according to the United Nations Conference on Trade and Development (UNCTAD)'s December report.
This would be the biggest fall in trade since 2009, when trade fell by 22 per cent. Still, it is a more optimistic projection than the UN body's earlier estimate of a 9 per cent drop.
DP World's chairman said all its regions registered growth in fourth-quarter volumes with India being a key driver. Its terminals in Mundra (India) London Gateway (UK), Rotterdam (Netherlands), Antwerp Gateway (Belgium) and Sokhna (Egypt) recorded a "strong performance."
DP World's flagship Jebel Ali port saw volumes slip 4.4 per cent to 13.48m containers.
The ports operator said it remains focused on containing costs to protect profitability and manage growth capital expenditure to preserve cashflow.
"Looking ahead, while 2021 has started encouragingly, the outlook remains uncertain given the continued issues surrounding the pandemic, geopolitical uncertainty in some parts of the world and the ongoing trade war," Mr Bin Sulayem said.
The ports operator, which has terminals from Hong Kong to Peru, has joined Emirates Skycargo, Dubai Airports and International Humanitarian City in an alliance to distribute Covid-19 vaccines more quickly and efficiently.
DP World has signed a series of agreements with Israeli companies after the UAE and Israel normalised relations last September. Trade between Dubai and Israel in the five months between September to January reached Dh1bn, according to Dubai Customs statistics.
DP World, which listed in 2007 on the Nasdaq Dubai, returned to full state ownership in 2020.
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
EXPATS
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
UAE currency: the story behind the money in your pockets
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If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
UAE currency: the story behind the money in your pockets
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
