BRVM-listed AGL CI sees third-quarter profit jump by 83%
Africa Global Logistics (AGL) Côte d'Ivoire, formerly known as Bolloré T&L CI, has recorded a tremendous improvement in its financial position. The new ownership under global giant MSC reported a profit of 17.99 billion FCFA (~$30 million) at the conclusion of the first nine months, signifying a substantial increase of 82.5% compared to the 10.56 billion FCFA recorded in the same period in 2022.
Despite a marginal 1.2% decline in turnover, reaching 62.07 billion FCFA, attributed to decreases in the handling and warehousing sectors, the result from ordinary activities reached 19.36 billion FCFA. The outstanding performance can be attributed to effective expense management and a boost in financial income.
It's noteworthy that the achieved result far surpasses the company's performance for the entire 2022 financial year, with a remarkable net margin standing at 28.98% compared to 15.69% as of September 2023. This signifies a substantial enhancement in operational efficiency and financial health for AGL Côte d'Ivoire, reinforcing its positive trajectory and effective financial management under the new ownership.
Key Takeaways
As expected, AGL shares demonstrated robust performance, emerging as the top performers on the BRVM last week with an impressive jump of 11.07%, reaching 1,555 FCFA. This substantial gain followed a slight increase of 0.72% the previous week. The notable surge in AGL's stock value is attributed to the positive intermediate financial achievements reported by the subsidiary of the MSC group, sparking heightened investor interest in the stock. Following AGL, Air Liquide Cl also experienced a favorable market response, appreciating by 7.21% to reach 595 FCFA after hitting support at 555 FCFA. Other top performers of the week include BOA Niger, which gained 7.06% to reach 4,550 FCFA, Total SN with a 6.25% increase, reaching 2,550 FCFA, and BOA SN, which rose by 6.10% to reach 3,650 FCFA. The positive momentum of BOA SN is attributed to investor expectations of favorable financial performances, heightening market enthusiasm. Last week's market dynamics highlight the influence of strong financial results on investor sentiment, with companies like AGL reaping the benefits of robust performance, ultimately driving positive movements in stock values.
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