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Abu Dhabi, UAETuesday 18 December 2018

Aramex profits decline but expansion still on cards

Company "will be actively identifying acquisitions and strategic partnerships"

Aramex’s profits have been hit. Silvia Razgova / The National
Aramex’s profits have been hit. Silvia Razgova / The National

Aramex, the Middle East’s largest courier company, will continue to seek acquisitions even as the firm reported a 23 per cent plunge in second- quarter net profit, missing analyst forecasts. Net profit in the three months ended June 30 reached Dh97 million, compared with Dh125.7m in the year-earlier period. Revenue grew 4 per cent to Dh1.14 billion from Dh1.10bn a year earlier. “Despite the ongoing global and regional economic uncertainty, we delivered strong results,” said Hussein Hachem, the Aramex chief executive. “Looking towards the second half of 2017, we are excited about our future prospects for growth, and will be actively identifying acquisitions and strategic partnerships to expand our global reach.”