Dubai’s Aramex Q1 net profit rises 12 per cent

April 24, 2016 3:02 pm

Dubai-based courier company Aramex reported a 12 per cent rise in first-quarter net profit on Sunday, citing growth in all its regions.


The company made a net profit of AED96.9 million ($26.4m) in the three months to March 31, it said in a statement. This compares with a profit of AED86.6m in the year-ago period.


Two analysts polled by Reuters had forecast the firm would make a quarterly net profit of AED100.4m and AED98.7m.


The firm said net profit growth could have been as much as 18 percent had it not accounted for the one-time acquisition of assets of Fastway Couriers during the quarter. In January, it acquired Fastway Couriers’ New Zealand and Australian businesses for NZ$125.28 million ($85.8 million).


“Though we finished Q1 strongly, we experienced slower growth at the end of the quarter. We are closely watching this trend so we can quickly adjust to any volatility, and we’re cautiously optimistic about continuing our growth momentum further into 2016,” said Hussein Hachem, Aramex’s chief executive.


First-quarter revenue was 1.05 billion dirhams compared with AED930m a year earlier.


In February, Aramex said it was targeting two or three acquisitions this year as it seeks to expand in its key markets and support further growth from e-commerce.


By Reuters
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