Aramex Q1 net profit surges 14%

Logistics firm Aramex posted a 14 % increase in first-quarter net profit, helped by its regional expansion and growth in emerging markets.

The Dubai-based courier company, a favourite of regional fund managers, made a quarterly net profit of Dh69.4 million ($18.9 million) compared with Dh60.9 million for the year-ago period, Aramex said in a bourse statement.

Revenue for the quarter rose nine per cent to Dh810 million. Two analysts polled by Reuters had expected the company to post first-quarter earnings of Dh70.6 million and Dh71 million. Aramex has been expanding in the Middle East and Africa and bought South Africa’s Berco Express as well as Kenya’s Oneworld Courier and In-Time Couriers last year.-Reuters