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Fadi Ghandour, CEO of Aramex, has confirmed that the company expects to make acquisitions in the next six months.
With the downturn creating more realistic valuations, the CEO said Aramex is looking at three geographies − Africa, Central Asia and South East Asia − for potential takeover targets.
“You will hear us doing more deals in the coming six months in these three areas,” Ghandour told arabiansupplychain.com.
Asked if Aramex might itself be a takeover target for an international 3PL, he replied: “We are not available.”
“Even if somebody wants to [acquire us], they cannot afford us.”
The economic downturn, Ghandour said, has been relatively kind to Aramex.
Although its revenues have fallen this year, net profit in the last three quarters has risen year on year.
A key reason is that Aramex was able to renegotiate rates with suppliers.
“Airlines and sea line operators were providing us with prices that were just unbelievable. When there was overcapacity, we took advantage of it,” Ghandour said.
The company’s core businesses also held up well this year.
“Our business in the Gulf did not go down… [and] our express business, where our highest margins are, had a couple of percentage points growth over 2008,” the CEO explained.
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FEATURED COMMENT
So they made good bucks on us!