Dubai’s Aramex Q2 Net Profit Rises 12%
The performance of the logistics firm was boosted by growth in core Gulf and African markets.
Dubai logistics firm Aramex reported a 12 per cent rise in second-quarter net profit on Monday, boosted by growth in core Gulf and African markets.
Aramex posted a second-quarter net profit of Dhs72.3 million ($19.7 million) compared with Dhs64.6 million in the corresponding period of 2012.
The result was in line with market expectations; four analysts polled by Reuters had estimated on average a second-quarter net profit of Dhs72.1 million.
Revenue for the quarter rose to Dhs845 million, up nine per cent from Dhs777 million in the prior-year period.
Aramex, a favourite of regional fund managers, has been expanding in the Middle East and Africa and bought South Africa’s Berco Express as well as Kenya’s Oneworld Courier and In-Time Couriers last year.
The company said it would accelerate plans for expansion in Africa and central Asia and aimed to finalise a number of new acquisitions and franchises before the end of 2013.