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DP World holds Annual General Meeting for year ended 31 December 2009











DP World Limited today held its Annual General Meeting for the year ended 31 December 2009.

Mohammed Sharaf, Chief Executive Officer made the following statement regarding trading in the first quarter of 2010. "During the first quarter of 2010 the industry has seen continued signs of a return to container volume growth around the world. It is however, too early to confirm sustainability, as the macroeconomic environment and global trade patterns remain somewhat unpredictable, impacting traders and their shipping requirements. We are pleased to report that our Company has delivered volume growth in the first quarter of 2010 over the same period in both 2009 and 2008. Our portfolio of 49 operational terminals has seen gross volumes grow 15% to 11.2 million TEU driven by strong growth in Asia Pacific and Australia,"Mohammed Sharaf added.

"Taking into account the resilience that our consolidated terminals demonstrated through 2009, we are pleased that volumes in the first quarter have grown by 6% to 6.3 million TEU, or on a like for like basis 9%, driven primarily by volume growth in India Subcontinent and Australia as well as some volume growth returning to European ports. Taking into account the strong performance in the region early in 2009, the UAE region has had an encouraging start to the year with volume growth of 1% growth over the same period last year handling 2.6 million TEU," he said.

The return of volume growth in 2010, combined with cost reduction and efficiency initiatives, will deliver an improvement in results over last year.

"We remain committed to listing our shares on the London Stock Exchange and are focused on completing the process as soon as possible," he added.
 

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