Dubai’s Aramex Posts 16% Rise In Q3 Net Profit

Dubai courier Aramex reported a 16 per cent rise in third-quarter net profit on Monday, missing analyst forecasts.

Aramex made a quarterly net profit of Dhs69.5 million ($18.95 million) in the three months to Sept. 30, up from Dhs59.9 million in the corresponding period of 2013, it said in a statement.

Analysts polled by Reuters on average forecast Aramex’s third-quarter profit would be Dhs74.8 million and up 25 per cent year on year.

Third-quarter revenue rose to Dhs922 million, up 12 per cent year-on-year.

“Revenues were once again particularly strong in international express and e-commerce,” Aramex chief executive Hussein Hachem said in the statement.

Aramex founder Fadi Ghandour said last week the company is targeting at least two acquisitions in 2015 as part of its growth strategy.