The firm is an investment company listed on the London Stock Exchange, run by Aberdeen Standard Investments.

The company’s share price total return reached 13.2%, This compares with a total return of 10.3% for the MSCI Emerging Markets Net Total Return Index.

Total dividends paid for the year were 21p per share.

Mark Hadsley-Chaplin, chairman of Aberdeen Emerging Markets Investment Company Limited, said: “Despite concerns over the outlook for global growth, corporate earnings, tensions in the Middle East, and trade-war uncertainties, your Investment Manager remains positive about the prospects for emerging markets.

“Although there are signs of the global economy weakening, growth forecasts remain respectable and should be supported by the continued accommodative stance of central banks and progress in the trade dispute between the US and China. At the time of writing, the spread of the Coronavirus is causing same volatility in markets. How long this continues is uncertain, as is the quantum of its potential knock-on impact.”

Andrew Lister, manager of Aberdeen Emerging Markets Investment Company Limited, added: “Despite the emerging markets index posting a gain of 10.3%, the investment backdrop became more challenging over the course of the year with investors increasingly focused on concerns about the outlook for global growth and trade war uncertainties. Corporate earnings and economic growth forecasts across the emerging world were generally revised down as the period progressed.

“While the global economy is weaker than historical averages, growth remains respectable, with the IMF, OECD and World Bank forecasting real growth in 2020 in the range of 2.8% to 3.4% and a generally improving trend through 2021.

“While 2019 was undoubtedly a poor year for corporate earnings in emerging markets, with persistent downward revisions throughout the period, the coming year may well offer a better environment.

“We believe the company is well placed to benefit from any recovery in interest in the asset class and its portfolio offers differentiated and diversified exposure to emerging markets that is not easily replicated.”