Aramex Q3 net profit rises 11%

Monday, 5 November 2012 11:20 - - {{hitsCtrl.values.hits}}

Reuters: Logistics firm Aramex posted an 11 per cent increase in quarterly profits on Tuesday, boosted by its Gulf operations, and the Dubai firm said it was eyeing more acquisitions in Southern Africa region next year.

Aramex reported third-quarter net profit of 53.1 million dirhams ($14.5 million) for the period ended September 30, up from 48 million dirhams a year-ago.

Revenues rose 17 per cent to 763 million dirhams from 650 million dirhams in the prior-year period, the company said in an emailed statement. Aramex, a favourite of regional fund managers, has been expanding in to Middle East and African markets and bought South Africa’s Berco Express as well as Kenya’s Oneworld Courier and In-Time Couriers last year.

The firm said announcement of new acquisitions in Southern Africa region can be expected in 2013, without giving any additional details.

Fadi Ghandour, Aramex’s founder and CEO, said he was confident of the company’s performance for the rest of the year.

Ghandour is to step down by the end of 2012 and hand over day to day operations to Hussein Hachem, the current head of the Middle East and Africa regions, the company said in April.