JERUSALEM - Freightos Limited (NASDAQ: CRGO), a global booking and payment platform for international freight, announced a change in its board of directors. Carl Vine, Co-Head of Asia-Pacific Equity Investing at M&G Investments, has been appointed to the board following the resignation of William Chin, Head of Commodities at the Singapore Exchange (OTC:SPXCY).
Vine brings extensive experience from his tenure in the investment sector. He joined M&G Investments' Equity team in 2019, after co-founding Port Meadow Capital Management in 2014. Vine's career includes senior roles at SAC Capital and UBS in Hong Kong, and he began his career in London with Prudential Portfolio Managers in 1997. He holds a BA (Hons) in Politics, Philosophy & Economics from Oxford University. Vine also serves on the boards of Trieye and NoTraffic, further highlighting his involvement with innovative technology firms.
In a statement, Vine expressed his belief in Freightos' mission to digitalize the freight industry and noted the platform's strong network effects and industry traction. He emphasized Freightos' contributions to decarbonization and efficient growth, which align with M&G Investments' core missions. M&G Investments is currently the largest investor in Freightos, as per the latest reports.
Zvi Schreiber, CEO of Freightos, expressed gratitude to William Chin for his contributions and welcomed Vine's insights, which he considers crucial for Freightos' aspiration to lead its sector and create value for shareholders.
Freightos operates a vendor-neutral platform that facilitates real-time ocean and air shipping procurement. It supports thousands of importers/exporters and forwarders, as well as numerous airlines and ocean carriers. The company also runs Freightos.com, a digital marketplace for international freight, and WebCargo, a global freight platform connecting carriers and forwarders.
Additionally, Freightos is responsible for the Freightos Baltic Index and other market intelligence products that enhance supply chain decision-making and transparency.
This board transition reflects Freightos' focus on sustainable growth and industry leadership, based on a press release statement.
InvestingPro Insights
As Freightos Limited (NASDAQ: CRGO) welcomes a new board member with a strong investment background, the company's financial health and market performance come into focus. According to InvestingPro data, Freightos holds a market capitalization of 138.63 million USD, reflecting its size and investor valuation within the industry. Despite an impressive gross profit margin of 57.37% for the last twelve months as of Q3 2023, the company's operating income margin was notably negative at -148.02% for the same period, indicating substantial operating costs relative to its gross profits.
InvestingPro Tips indicate that while Freightos boasts a solid balance sheet with more cash than debt, and liquid assets surpassing short-term obligations, it is also facing challenges, including a quick cash burn and expectations of a net income drop this year. Analysts are not predicting profitability for Freightos this year, and the stock has experienced a decline over the last month, with a 14.41% negative total return. These financial metrics and trends are essential for investors to consider, especially in the context of the board's strategic direction and the company's growth initiatives.
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