Font Size

- Aa +

Thu 24 Jul 2014 04:19 PM

Font Size

- Aa +

Dubai's Aramex posts 12% rise in Q2 net profit

Logistics firm says second quarter performance boosted by growing revenue in its core Gulf market

Dubai's Aramex posts 12% rise in Q2 net profit

Dubai logistics firm Aramex reported a 12 percent rise in second-quarter net profit on Thursday, in-line with analyst estimates, helped by growing revenue in its core Gulf market.

Aramex posted a second-quarter net profit of AED80.8 million ($22 million) compared with AED72.3 million in the corresponding period of 2013, according to a bourse filing.

The result was in line with forecasts; analysts polled by Reuters had estimated on average profit in the quarter of AED80.2 million.

Aramex, a favourite of regional fund managers, said revenue for the quarter rose to AED917 million, up 9 percent from the prior-year period, as strong earnings in the Gulf were complemented by improved performance in Europe, Asia and Africa.

The increase in profit came despite the firm booking a one-off cost of AED5.6 million in relation to its acquisition of Australian Mail Call, which it bought for A$33 million ($31.2 million) in June to boost its Asian e-commerce business.

Chief Executive Hussein Hachem said the firm would continue to look for more opportunities to invest in companies with synergies for its network, in line with previously-stated expansion plans.

For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.