Aramex aiming for two acquisitions in 2015

21/10/2014 06:51 AST

Dubai-listed logistics firm Aramex is targeting at least two acquisitions in 2015 as part of the company growth strategy, its founder and vice-chairman said on Monday.

"We are going to grow through acquisitions, we are going to acquire next year and will be more aggressive," Fadi Ghandour told reporters on the sidelines of an event in Abu Dhabi. Ghandour said plans are under way to acquire firms in the emerging markets of Africa, Asia and Turkey. However, did not give any further details.

Aramex, which competes with global giants such as DHL and FedEx, has been focused on expanding in Africa. It acquired South African logistics and transportation company Berco Express Ltd. in 2011.

It also bought Australian domestic courier company Mail Call Couriers this year. Ghandour said in January that the company would look to acquire firms in South Africa and east Africa.

Asked if the firm would conclude at least one or two deals next year, he said "possibly yes". Analysts polled by Reuters expect Aramex to post a third-quarter net profit of 74.83 million dirhams, up 25 percent year on year.

It reported a 12 percent rise in second-quarter net profit this year, helped by growing revenue in its core Gulf market.


Arab News

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