Global ports operator DP World expanded its logistics footprint in India by acquiring feeder and trade operators to serve fast-growing markets, as it posted a drop in its first-half profit amid the Covid-19 pandemic.
Unifeeder — through its Unifeeder Indian subcontinent (ISC) arm that is majority-owned by DP World — acquired Transworld Feeders and Avana Logistek, DP World said in a statement on Wednesday. It also acquired Transworld Feeders, the containerised Indian coastal and EXIM feeder shipping operations of Shreyas Shipping and Logistics, excluding vessels and bulk operations.
The transaction is subject to regulatory approvals, it said, without disclosing the value of the deals.
The acquisitions "give us complete coverage in fast-growing markets between East Africa, the Gulf and the wider Indian subcontinent," Sultan bin Sulayem, chairman of DP World, said. "We now have the capability to offer superior connectivity between Asia, the Indian subcontinent, the Middle East, and East Africa, and this greater scale and comprehensive network presence will allow us to reduce inefficiencies in the supply chains."
The Dubai-based company has been growing its logistics operations through a series of recent acquisitions, as part of its strategy to become an end-to-end supply chain solutions provider. Last month, it agreed to buy a 60 per cent share in South Korea's Unico Logistics.
DP World's first half profit declined as its shipping container volumes fell during the pandemic that has hit global trade.
Profit attributable to shareholders in the first six months of the year fell to $313 million (Dh1.1 billion), a drop of 58.5 per cent on a reported basis or a 34.5 per cent decrease excluding a land sale to Emaar Properties in 2019, DP World said in a separate filing to the Dubai Financial Market on Wednesday. Revenue during the period rose 17.7 per cent to $4.07bn from the same period a year ago, driven by acquisitions.
"Overall, we are encouraged that our business has performed better than expected given the Covid-19 pandemic,” Mr Bin Sulayem said. “The Covid-19 outbreak has undoubtedly resulted in one of the most challenging periods in the history of our industry.”
The company's guidance for capital expenditure in 2020 is about $1bn with investments planned in the UAE, London Gateway, Berbera in Somaliland, Sokhna in Egypt and Caucedo in the Dominican Republic. It invested $552m across the existing portfolio during the first half of 2020.
Cash from operating activities stood at $1.1bn in the first half, compared to $1.04bn in the prior-year period.
The coronavirus outbreak, which has prompted governments worldwide to close borders and shutter factories, has disrupted the global supply chains, air travel and international trade.
Mr Bin Sulayem cautioned that the outlook remains uncertain amid the coronavirus crisis but he is bullish about the industry going forward.
"We remain positive on the medium to long-term fundamentals of the industry," he said.
DP World's new transaction will complement its acquisitions of Singapore-based marine logistics firm Feedertech and Perma Shipping, which will expand the company's feedering and short-sea networks.
The Avana Logistek acquisition includes its subsidiary, Avana Global. Transworld Feeders and Avana Global are leading independent feeder and operators of non-vessel operating common carriers (NVOCC), offering container feedering services and regional trade services. Their network spans a wide range of ports in the Middle East, the Indian subcontinent and the Far East. The UAE's hub port at Jebel Ali is central to most of their services. Both companies have a strong presence in trade routes west of the Indian subcontinent. They complement the acquisition of Feedertech and Perma Shipping, which operate in trade routes east of the Indian subcontinent.
Transworld Feeders and Avana Logistek have a comprehensive coverage of all main ports, terminals and inland destinations in India. Avana Logistek also provides first mile and last mile delivery solutions within the Indian domestic market. Both companies provide logistics services to cargo owners, traders, forwarders and shipping lines.
Transworld Feeders and Avana handle approximately 1.2 million twenty foot equivalent units (TEU) per year, DP World said.
The new entities will continue to operate an "asset-light structure" in line with the Unifeeder model, it said.
"These acquisitions further strengthen our logistics solution-based capabilities, as we can combine our significant network of ports and market-leading inland logistics offering to deliver compelling supply chain solutions to all our customers," Mr Bin Sulayem said.
The Unifeeder Group, which is fully owned by DP World, is an integrated logistics company with the largest feeder network in the world. It offers feedering and regional trade connectivity in Northern Europe, the Mediterranean, the Northern Africa, the Middle East, the Indian subcontinent and Asia.
Ramesh S Ramakrishnan, chairman of Transworld Group and Shreyas Shipping and Logistics, said the "acquisition of three of our portfolio companies will provide DP World and Unifeeder ISC a robust platform to jointly deliver a more complete range of solutions to our customers".
UAE currency: the story behind the money in your pockets
THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
More from UAE Human Development Report:
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
RACE CARD
4.30pm: Maiden Dh80,000 1,400m
5pm: Conditions Dh80,000 1,400m
5.30pm: Liwa Oasis Group 3 Dh300,000 1,400m
6pm: The President’s Cup Listed Dh380,000 1,400m
6.30pm: Arabian Triple Crown Group 2 Dh300,000 2,200m
7pm: Wathba Stallions Cup Handicap (30-60) Dh80,000 1,600m
7.30pm: Handicap (40-70) Dh80,000 1,600m.
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
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
Bharatanatyam
A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Belong%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Michael%20Askew%20and%20Matthew%20Gaziano%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Technology%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20%243.5%20million%20from%20crowd%20funding%20and%20angel%20investors%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A
Formula%204%20Italian%20Championship%202023%20calendar
%3Cp%3EApril%2021-23%3A%20Imola%3Cbr%3EMay%205-7%3A%20Misano%3Cbr%3EMay%2026-28%3A%20SPA-Francorchamps%3Cbr%3EJune%2023-25%3A%20Monza%3Cbr%3EJuly%2021-23%3A%20Paul%20Ricard%3Cbr%3ESept%2029-Oct%201%3A%20Mugello%3Cbr%3EOct%2013-15%3A%20Vallelunga%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Killing of Qassem Suleimani
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
THE SPECS
Engine: 3.6-litre V6
Transmission: nine-speed automatic
Power: 310hp
Torque: 366Nm
Price: Dh200,000
