Aramex buys two Kenyan firms, eyes further deals in 2011

No financial details disclosed, follows deals in Turkey, Malaysia, Bangladesh and Vietnam
Aramex buys two Kenyan firms, eyes further deals in 2011
Fadi Ghandour, founder and CEO of Aramex. The firm plans further acquisitions this year
By Ed Attwood
Tue 15 Feb 2011 11:02 AM

Aramex, the Middle East’s biggest courier company, has bought two companies in Kenya as it bids to build its coverage of lucrative emerging markets.

The Dubai-based logistics giant acquired OneWorld Courier, a courier and freight operator serving the domestic and international market, as well as In-Time Couriers, a Nairobi-based domestic delivery outfit.

No financial details of the acquisitions were disclosed.

In an emailed statement released Monday, a senior official at the firm also hinted at more purchases to come in 2011.

“Aramex continues on its accelerated expansion drive in a range of emerging markets, particularly in Africa and Asia, and looks forward to making further announcements in this regard throughout this year,” said Hussein Hachem, CEO for the Middle East and Africa.

Aramex in December announced a series of acquisitions and partnerships in Turkey, Malaysia, Bangladesh and Vietnam.

The Kenyan deals will expand the firm’s foothold in the country, as well as planned third party logistics centres in Nairobi and Mombasa, said Samer Gharaibeh, Aramex’s CEO for Africa.

 “We strongly believe that these acquisitions will provide us with a strategic foothold in a market that also serves as a bridge between East Africa and Asian markets such as China and India.”

Aramex in January posted a full year net profit of AED204m, a rise of 11 percent compared to AED184.3m in 2009, but warned it expected tough conditions in 2011 as operating costs rise on higher fuel prices and inflationary pressure.

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