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FINANCIAL NEWS
Dubai’s Aramex plans USD100m buyouts by 2013
20 May 2012
(MENAFN) Dubai-based courier Aramex PJSC plans USD100 million buyouts by the end of next year, with eyes on Asia and Australia, Arabian Business reported.
CEO Fadi Ghandour said the company seeks up to six acquisitions, including Asia and Australia, adding that the company is still looking for opportunities in Africa.
Aramex, currently owned by Abraaj Capital, reported 22 percent increase in first quarter profits, helped by acquisitions and increased revenue from the fast paced economies of GCC countries.
The coming three quarters will see double digit growth figures, said Ghandour who plans to retire by the end of this year.
Aramex which has a market capitalization of USD708 million competes with DHL and UPS. It employs more than 12,300 people in over 353 locations across 60 countries.
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