Dubai-based courier Aramex has stated intentions for multiple acquisitions in the second half of 2015, following strong Q2 performance of $25m net profit, support by a boost in online shopping.
According to a bourse filing reported by Reuters, Aramex is looking for companies with a similar profile to its own, following the acquisition of Australian firm MailCall in 2014.
The report continued to state banks in the UAE have already extended a line of credit for the acquisitions, but Aramex is yet to elaborate on which companies it is looking at or how much it might spend.
But Aramex chief executive Hussein Hachem said revenue growth would have reached 10% if not for weak global currencies. He elaborated: “The impact of global oil prices and weak major currencies continue to be areas we will carefully monitor moving forward.
He added: “We have once again delivered an excellent set of results this quarter. While we’ve had a strong double-digit net income, our revenues would have reached 10% had we not been faced with weak global currencies. We are generally pleased with our business performance and particularly with our global e-commerce business solutions.”
Despite the continued growth of online shopping, which heightened demand for courier services, the drop in oil prices and currency fluctuations hit growth in the company’s freight business particularly. However, the news follows a decade of record profits, since listing on Dubai Financial Market in 2005.
Aramex was the first Arab-based international company to trade its shares on NASDAQ.
