Aramex targets 2-3 buys in 2016

Dubai-based courier Aramex expects to purchase 2-3 firms in 2016, its chief executive said on February 03. It will target Africa, Asia and United States for these acquisitions, Aramex chief executive Hussein Hachem told reporters at a company event. The logistic firm's chief financial officer Bashar Obeid said Aramex had provisioned $12.5 million for incentives in 2015. These provisions could fall to about $5 million in 2016 and $2.5 million in 2017, Obeid added.
Aramex reported a 36 percent drop in fourth-quarter net profit earlier on February 03, a decline it blamed on a provision relating to an employee incentive scheme.