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Tue 21 Apr 2015 09:57 AM

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Dubai courier Aramex Q1 net profit rises 10%

Company is targeting at least two acquisitions this year as part of its growth strategy

Dubai courier Aramex Q1 net profit rises 10%

Dubai courier Aramex reported a 10 percent rise in first-quarter net profit on Tuesday, in line with analysts' forecasts and its own guidance.

The company made a net profit of AED86.6 million ($23.6 million) in the three months to March 31, up from AED78.7 million in the year-ago period, it said in a statement.

EFG Hermes and SICO Bahrain had forecast Aramex's first-quarter profit at AED84.9 million and AED83.1 million respectively.

First-quarter revenue rose 9 percent year-on-year to AED930 million.

The courier's chief executive, Hussein Hachem, said in February that the company would likely post an annual profit increase of 10 percent in 2015 and was targeting at least two acquisitions this year as part of its growth strategy.

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