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.
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
Killing of Qassem Suleimani
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Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
THE SPECS
Engine: 1.6-litre turbo
Transmission: six-speed automatic
Power: 165hp
Torque: 240Nm
Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)
On sale: Now
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
More from Rashmee Roshan Lall
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
