Mercantile Ports & Logistics Ltd Trading Update (5394K)

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RNS Number : 5394K

Mercantile Ports & Logistics Ltd

22 December 2022

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

Trading Update

Mercantile Ports & Logistics Limited (AIM: MPL) which is operating and continuing to develop a port and logistics facility in Navi Mumbai, Maharashtra, India is pleased to announce that, following a strong final quarter of trading, the Company expects to meet revenue forecasts for FY 2022. This year, MPL's facility at Karanja has handled approximately 1.2m tonnes of various bulk commodities and the Company sees strong momentum going into the next financial year. The Company has all the requisite infrastructure and permissions in place to handle container movement and it expects to commence handling of containers in 2023, which will be an additional revenue stream for the Company.

Jay Mehta, CEO of MPL said "This is the first full year of uninterrupted cargo handling operations at our facility. Every month we continue to service new clients, both on a spot and contracted basis. Next year our pipeline looks healthy, which should enable us to build on our successes of 2022. Going into 2023, we are excited to be expecting to start handle new commodities including liquid bulk cargo such as base oils and bitumen".

Enquiries:

 
  MPL                    C/O SEC Newgate 
                          +44 (0) 20 3757 6880 
 Cenkos Securities plc   Stephen Keys 
  (Nomad and Broker)      +44 (0) 20 7397 8900 
 SEC Newgate             Isabelle Smurfit / Elisabeth 
  (Financial PR)          Cowell 
                          +44 (0) 20 3757 6880 
                          mpl@newgatecomms.com

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December 22, 2022 02:00 ET (07:00 GMT)

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