x Abu Dhabi, UAESaturday 22 July 2017

Aramex posts 3% rise in profits

The Dubai logistics company sees its second-quarter net profit rise despite turmoil and higher fuel prices.

DUBAI // Dubai logistics firm Aramex posted a 3 per cent rise in second-quarter net profit, as its core Gulf markets performed well amid political turmoil and higher fuel prices.

The firm, which competes with global giants such as Fedex and DHL , reported a quarterly profit of Dh56.5 million (US$15.4m) compared with Dh55m during the same period of 2010, the company said in a statement Wednesday.

Net revenue rose 16 per cent to 648 million dirhams.

The company, which stopped its Libya operations and was hit by unrest in Egypt and Bahrain, said it expects to grow at 10 to 12 per cent this year. Aramex said it would maintain a cautious oulook due to the ongoing regional unrest, higher fuel prices and inflation.

Aramex acquired two Kenyan delivery companies in February and is looking at more acquisitions.

Shares of Aramex ended 1.65 percent higher on the Dubai bourse before the results were announced.

* Reuters