Aramex Q2 net profit rises 12pc to $20m
Dubai, July 22, 2013
Dubai logistics firm Aramex posted a second-quarter net profit of Dh72.3 million ($19.7 million) compared with net profit of Dh64.6 million in the corresponding period of 2012, marking a rise of 12 per cent.
Boosted by growth in core Gulf and African markets, the result was in line with market expectations; four analysts polled by Reuters had estimated on average a second-quarter net profit of Dh72.1 million.
Revenue for the quarter rose to Dh845 million, up 9 percent from Dh777 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. – Reuters