Dubai-based logistics firm Aramex said on Tuesday its board had approved the sale of a 60 per cent stake in a joint venture with Australia Post for $20m.
Aramex Global Solutions was created in October 2016 to serve demand for e-commerce deliveries in Australia and Asia.
The company said it held 60 per cent of the venture and Australia Post 40 per cent.
No impact is expected on Aramex’s revenues as the joint venture was only accounted for on an equity basis, according to the firm
However, it will incur a one-off write-off of $13m in its fourth quarter financial results.
“The divestment will not affect our e-commerce growth strategy,” Aramex CEO Bashar Obeid.
“The global e-commerce market continues to grow at a strong rate, transforming our industry and presenting huge opportunities for us to expand our business in our target markets.”
Obeid added that the firm would continue to invest in last mile delivery.
Aramex reported a 38 per cent rise in third quarter profit compared to the same period in 2017.
Net profit during the quarter stood at Dhs113m ($30.76m) and revenue grew 8 per cent to Dhs1.239bn ($337.3m).