Dubai – Mubasher: Aramex on Sunday announced its acquisition of Saudi TAL for Commerce and Contract Company Ltd for $80 million.
Commenting on the deal, Aramex CEO Bashar Obeid revealed that Saudi Arabia was Aramex’s largest market in the Middle East and one that held significant growth potential for the business, stressing that the acquisition was in line with the Saudi Arabia Vision 2030, which encourage private sector investment to diversify the economy.
“This acquisition is also in line with our strategy to have leaner and more efficient operations in all markets we operate in, and will allow us to focus on upgrading last-mile delivery through innovative solutions, which will ultimately result in an enhanced customer experience,” Obeid added.
Aramex last reported strong results in both the third quarter of 2018 and the first nine months of the year. The Dubai-based logistics firm logged AED 113 million ($30.77 million) in net profits in Q3-18, up 38% year-on-year from AED 82 million ($22.33 million), while for the nine-month period ended 30 September 2018, Aramex’s profits jumped 25% year-on-year to AED 339 million from AED 270 million.
Aramex’s stock last closed Thursday lower, falling 0.98% to AED 4.06.
