Dubai’s Aramex on Thursday warned of an uncertain outlook
for the logistics firm in 2012 due to unrest in the Middle East and worries
over the global economy, as it reported a 4 percent rise in quarterly profit.
Aramex made a net profit of AED57.2m ($15.57m) in the fourth
quarter, up from AED55m in the corresponding period in 2010, the company said
in a statement to the Dubai bourse.
Revenue for the quarter reached AED682m, up 18 percent from AED580m
in the prior-year period.
Profit for the year also increased by 4 percent to AED211.5m.
Uncertainty remains over the outlook for 2012 in light of
sluggish global trade and instability in the Middle East, the company’s chief
executive Fadi Ghandour said in the statement.
“Our performance for this year is expected to maintain
this trajectory and we prefer to wait till the end of the first quarter to
reassess our outlook for the rest of the year,” he added.
In January 2011, Aramex was forced to suspend its operations
in Egypt during an uprising that ultimately ended former president Hosni
Mubarak’s 30-year rule.
In December, the company paid $55.5m from its internal cash
balance for the acquisition of South African logistics firm Berco Express.
The deal was part of Aramex’ strategy to expand
internationally and follows a recent joint venture with SinoAir in China and
the acquisition of OneWorld Courier and In-Time Couriers in Kenya in the first
quarter of 2011.
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