UAE- Aramex Q2 net profit up 3%
21 Jul 2011
(MENAFN) Aramex, the Dubai based logistics company, said that due to higher fuel prices, in 2011’s second quarter, net profit surged 3 percent from the same quarter a year ago, reported Emirates 24/7.
Aramex added that compared with USD14.9 million in 2010’s second quarter, its profit grew to USD15.4 million, since its performance in the Arab Gulf region improved in the period, whereas its quarterly revenue reached USD176 million with an increase of 16 percent.
It also said that as it planned to expand its international investments, in February, the company purchased two delivery companies in Kenya, with new acquisitions to come in the future.
It is worth noting that in 2011, Aramex forecasts to grow 10 percent to 12 percent which will increase the company’s competition with rivals like Fedex and DHL.