Aramex Q1 profit up 14% on Africa operations

Dubai-based logistics giant says performance 'very much on target' in first three months of 2013

Aramex, the largest courier company in the Middle East and North Africa, said on Wednesday that first quarter profits jumped 14 percent on the back of higher revenue from its operations Africa.

Net profit in the first three months of the year increased to AED69.4m from AED61m in the year earlier period, the company said in an e-mailed statement. Revenues increased 9 percent to AED810m compared with AED 745m in the same period in 2012.

“Our performance in the first quarter of 2013 was very much on target, with continued strong performance in key markets, resulting in healthy growth in revenues and net profits,” said Hussein Hachem, Aramex’s CEO.

“As expected, our operations in core markets, especially in the Gulf Cooperation Council (GCC) countries, continue to grow with healthy margins, and we were very satisfied with the increasing positive contribution of our operations in Africa to the company’s overall performance," Hachem added.

Sub-Saharan Africa is forecast to grow 6.1 percent in 2014, the International Monetary Fund (IMF) said in its World Economic Outlook report released this month. South Africa's economy, the largest economy in Africa, is set to grow 3.3 percent in 2014 from 2.8 percent.

The global economy is projected to expand 4 percent next year, up from 3.3 percent in 2013, according to the Washington-based organisation.

The company is pursuing its existing expansion strategy in growing markets through acquisitions and franchising, Hachem said.

Related:
Companies

Market Performance

Aramex
4.09
-0.01 -0.24 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
After all the hype, what's the future for Hyperloop One

After all the hype, what's the future for Hyperloop One

Los Angeles-based Hyperloop One may have struck a deal this month...

1
Focus: Gulf airlines face looming growth threat from 'protectionist' Trump government

Focus: Gulf airlines face looming growth threat from 'protectionist' Trump government

Election of Donald Trump, one-time owner of now-defunct East...

3
Smart move: Automated transport in the Gulf

Smart move: Automated transport in the Gulf

In a few short years how we get from A to B will be dramatically...

1
Most Discussed
sponsoredTracking