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