Dubai’s Aramex confirms talks to offload Indian services

Dubai-based logistics company Aramex on Monday confirmed reports that it is discussing a strategic commercial partnership with Dehlivery to restructure its operations in India.

Aramex said in a statement to Dubai Financial Market that it will offload its domestic express services in India to Dehlivery while continue to fully own, manage and operate its international express and freight-forwarding services.

“We are expecting this agreement to be signed in the coming few days,” the company said.

Delhivery is a last mile logistics operator based in the financial and technology hub of Gurugram outside New Delhi.

While announcing its Q4 2018 results, Aramex said that the performance of its domestic express operation in India was impacted due to downscaling of operations in the country.

Aramex announced earlier this month a 7 percent fall in net profit for the fourth quarter of 2018 due to a one-one impairment payment.

The company said that excluding the one-off impairment of AED46 million from the divestment of Aramex Global Solutions during the quarter, net profit would have risen by 21 percent to AED199.7 million.

Aramex said its Q4 revenue grew by 8 percent to AED1.425 billion.

Source: Read Full Article