Bollore deepens operations in Africa as core logistics division reports Q3 revenue growth of 10%

Bolloré Logistics

For the quarter ended September 30, 2017, at constant scope and exchange rates, Bollore’s core logistics division recorded revenue growth of 10%, thanks primarily to higher freight forwarding volumes and rates.

Bollore also noted that turnover from operations in Africa rose, with an increase in pace in the third quarter of 2017. This reflected strong growth in its port terminal business, particularly in West Africa (TICT in Nigeria, Abidjan Terminal in Republic of Côte d’Ivoire, Conakry Terminal in Guinea, Benin Terminal, Freetown Terminal in Sierra Leone, etc.), and a slight increase in the logistics and handling activities driven by new projects, although some countries such as Tanzania and Cameroon continued to be held back by weakness in the oil sector.

Separately, the oil logistics division also reported a 10% increase in revenue mainly due to an increase in the price of oil products.

A major operational highlight for the quarter included the signing of a concession contract for the new Kribi container terminal in Cameroon on July 25, 2017. A consortium comprising Bolloré Transport & Logistics, CMA-CGM and Chinese group CHEC will fund and operate the Kribi container terminal for 25 years. With a 350 m wharf and a depth of 16 m, the Kribi terminal can accommodate vessels with a capacity of 8,000 TEUs. In Phase 2, Kribi Container Terminal will be able to handle 11,000 TEUs vessels. It will boast a 715 m wharf, and will have the capacity to handle 1.3m TEUs.

In addition, Bollore’s partial offer for the assets of Necotrans received legal approval at the end of August 2017, seeing it take over the French freight forwarding business. The move also entails the acquisition of certain oilfield activities in Africa, Necotrans’ Brazzaville terminal in Congo and Lome terminal in Togo, as well as non-controlling interests in terminals in Cameroon, Ivory Coast, Burkina Faso and Benin.

Source: Bollore