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25-Feb-2020 12:29 PM

Agility expects to be impacted by 'volatility in the global economy' in 2020: CEO

Agility reported (22-Feb-2020) net profit growth of 7% year-on-year in 2019, with revenue up 1.8% and EBITDA up 24.7%. The company was also able to post a net profit 4.4% higher year-on-year in 4Q2019, although revenue was flat. Agility vice chairman and CEO Tarek Sultan stated: "Global trade tensions, regional economic uncertainty, and financial market pressure in emerging markets all contributed to a challenging year for our logistics business. Internally, the costs associated with our investment in digitisation also had an impact; one that we believe will continue in 2020". He said the company recognises it is "likely to see volatility in the global economy that may impact our logistics business" in 2020, "as well as slower market activities in certain markets in the Middle East and Africa that may affect certain portfolio companies". However, he noted the company is "well-positioned to navigate through them [challenges]". [more - original PR]

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