Kerry Logistics grows despite difficult environment
Kerry Logistics has announced the group’s annual results for 2019. Revenue increased by 8% to HKD 41.139 billion (EUR 4.811 billion); 2018: HKD 38,139 million (EUR 4,467 billion). Core operating profit increased by 17% to HKD 2.765 billion (EUR 323.38 million); 2018: HKD 2.364 billion (EUR 276.48 million). And core net profit increased by 4% to HKD 1.374 billion (EUR 160.7 million); 2018: HKD 1.326 billion (EUR 156 million).
Kuok Khoon Hua, chairman of Kerry Logistics: “2019 was a challenging and turbulent year. Global economic growth weakened considerably as international trade disputes dragged on and Mainland China’s GDP growth slowed down. Social unrest in Hong Kong further impacted the local economy and affected consumer confidence."
On 31 March 2020, the group completed the acquisition of the remaining 49% in Apex, the third largest NVOCC in terms of volume from Asia to the USA in 2019, at a consideration of approximately USD 176 million, satisfied by 30% in cash and 70% in the newly issued shares. (mw)