close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Aramex expects double-digit 2013 profit growth

200-aramex

Africa would be Aramex's main focus for growth, says founder.

0

January 8, 2014 3:43 by



Dubai-listed logistics group Aramex expects double-digit net profit and revenue growth for 2013 and is eyeing acquisitions in South Africa and east Africa in the second half of this year, its vice-chairman said on Wednesday.

Nine-month net profit at the firm rose 13 per cent year-on-year and full-year results should be in line with this, Fadi Ghandour, founder and vice-chairman, told Reuters on the sidelines of a youth unemployment event.

Ghandour said he was “relatively optimistic” about the company’s performance in 2014, with African expansion, the growth of internet shopping in the Middle East and its oil and gas business all expected to be key earnings drivers this year.

Africa would be Aramex’s main focus for growth, Ghandour said, with expansion through a mixture of new operations, setting up licence agreements in some countries – which would be fully-fledged Aramex businesses but owned by local partners – and acquisitions.

“Most interesting is going to be east Africa and South Africa. We’ve done one a couple of years ago in South Africaand we’d like to do one more,” he said, referring to the purchase of logistics firm Berco Group in December 2011.

Nigeria and Turkey were also attractive locations, although the former had great potential but was a challenging market.

Ghandour did not expect to make any acquisitions before the third quarter of this year and anything costing below $100 million, Aramex could finance itself, he said.

The company’s unleveraged balance sheet meant it would have no difficulty borrowing from banks if it needed funding for any purchases, he said.

“We know, from our talking to (banks) informally over the past two to three months, that there is plenty of debt available to tap into,” Ghandour said, adding the firm had no plans to make a debut bond offering.

Aramex shares closed 0.3 per cent higher on Wednesday at AED2.99, just short of a seven-and-a-half-year closing peak of AED3.04 set on December 31.



0

Tags: , , ,

Leave a Comment