x Abu Dhabi, UAEThursday 27 July 2017

Founder of Middle East's Aramex to exit

Markets Update:Aramex founder and chief executive officer Fadi Ghandour will step down by the end of the year.

Aramex founder and chief executive officer Fadi Ghandour will step down by the end of the year, passing day-to-day operations to Hussein Hachem, his chief lieutenant and current head of the Middle East and Africa regions.

Mr Ghandour, who helped found the public joint stock freight and logistics company in 1982, plans to continue working with Aramex to seek out further acquisition and investment opportunities for the business.

Aramex shares are up 2.22 per cent since the start of the year. The stock is currently trading at Dh1.84.

The Dubai Financial Market General Index was lower in early trading, down 0.57 per cent at 1,669.14, weighed on by real estate companies.

Arabtec Holding, the Dubai construction company, was down 2.61 per cent in early trading. Union Properties, the developer, fell 1.88 per cent.

Dubai Financial Market company will hold its AGM at 5pm today, according to a note on the Dubai stock exchange.

Several Saudi Arabian companies have announced first quarter results today. Advanced Petrochemical Company's profit during the period was 57.1 million Saudi riyals, down from 131.1m riyals for the same quarter last year , a fall of 56.4 per cent, according to a filing on the Saudi stock exchange.

Lower product prices and higher feedstock prices were the reason for the fall in profits, the company said.

Saudi Chemical said net profit during the first quarter is 87.8m riyals against 86m riyals, up 2 per cent compared to the same period a year earlier.

The price of a barrel of Brent crude has fallen 3.46 per cent since its year high of $126.20 on March 1. The commodity, which currently trading at $121.83, is still up 8.65 per cent since the start of the year.

The Abu Dhabi Securities Exchange General Index was flat at 2,523.01.

 

lmiller@thenational.ae