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FINANCIAL NEWS
UAE’s Aramex reports USD17.5m profit in Q2
26 Jul 2012
(MENAFN) Dubai-based courier Aramex reported a 14 percent increase in second-quarter profits, driven by GCC business, Reuters reported.
The company said in a filing that it made USD17.53 million net profit during the April-June period, up from USD15.38 million a year earlier.
The company added that its quarterly revenue grew by 21 percent to USD212.85 million, compared to USD176.37 million a year earlier.
The results, however, were affected by investment costs in new African operations, the company said.
CEO Fadi Ghandour said that Aramex’s Egyptian market witnessed a significant slowdown in operations in the wake of June presidential elections.
Nevertheless, that was offset by the courier’s Gulf operations and recent acquisitions in Southeast Asia and Africa, which contributed significantly to profits.
In 2011, Aramex bought South Africa’s Berco Express as well as Kenya’s Oneworld Courier and In-Time Couriers and signed a joint venture with SinoAir in China.
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