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    CEVA   CH0413237394

CEVA LOGISTICS AG

(CEVA)
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Ceva Logistics : Continues African Expansion With Joint Venture in Ethiopia

12/21/2020 | 12:06pm EDT

*CEVA Logistics acquires minority stake in MACCFA in Ethiopia further strengthening its east African presence

*Strategic expansion plan gathers momentum

Addi Abeba, December 15/2020 - CEVA Logistics continues to expand its presence in the African market with the strengthening of its network in the horn of Africa through a Joint Venture.

It has taken a minority stake in MACCFA, a long-standing freight forwarder headquartered in Addis Abeba.

Aiming to become a leading continent-wide player

The Joint Venture is effective immediately and further cements CEVA's aim of becoming a leading continent-wide player. Through the new joint venture both entities will be able to expand their products base which will help enhance the use of their local logistics services across the CEVA Logistics network.

This new enterprise follows CEVA's acquisition of a majority stake in AMI Worldwide in the summer of 2020 which added an additional 12 countries to the company's African network. MACCFA in Ethiopia MACCFA has been established for some 25 years and operates from six offices and customs locations across Ethiopia offering a full range of logistics services. Outside the capital, it is the dominant player and operates two road corridors: Addis Ababa -Djibouti and Kombolcha -Djibouti.

It also provides intermodal solutions using fully booked Block Train services from the Port of Djibouti to Indode Freight Terminal near Addis Abeba with onward trucking services to final destinations across Ethiopia. Furthermore, MACCFA has a long-standing working relationship with CEVA Logistics' parent company, the CMA CGM Group, a world leader in shipping and logistics.

Bruno Plantaz, CEVA Logistics' Managing Director for Turkey, India, Middle East and Africa, said "our strategic, continent-wide expansion plan continues to gather pace. This new Joint Venture further consolidates our position in the Horn of Africa and will enable us to persevere in our intention of supporting Africa's socio-economic emergence across all countries."

MACCFA Freight Logistics' Chairman, Mulugeta Assefa, on his part said, "MACCFA entered in to Joint Venture with one of the world renowned logistics company -CEVA Logistics-is to bring a modern and value adding logistics solutions in to the country and support the Ethiopia's homegrown economic reform in general and provide an agile logistics services to its customers in particular." Dispatch

Copyright Addis Standard. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials (USD)
Sales 2020 7 416 M - -
Net income 2020 -75,0 M - -
Net Debt 2020 1 983 M - -
P/E ratio 2020 -22,3x
Yield 2020 -
Capitalization 1 683 M 1 678 M -
EV / Sales 2019 0,57x
EV / Sales 2020 0,49x
Nbr of Employees 44 578
Free-Float -
Income Statement Evolution
Managers and Directors
NameTitle
Mathieu Friedberg Chief Executive Officer & Director
Olivier Jean Casanova Chief Financial Officer
Rodolphe J. Saade Chairman
Christophe Cachat Chief Information Officer
Michel Foulon Chief Information Officer
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