Aramex Q4 profit up 11pc, warns on outlook
Dubai, January 31, 2011
Logistics company Aramex posted a 11 per cent rise in fourth-quarter net profit on Monday but said it expected to see more challenging conditions in 2011.
The firm, which competes with global giants such as Fedex and DHL, posted a net profit of Dh55 million ($14.98 million), up 11 per cent from Dh49.53 million in the fourth-quarter of 2009.
The results beat average forecasts of four analysts who expected an average net profit of Dh53.2 million, according to a Reuters poll.
Full-year net profit was Dh204 million, an increase of 11 per cent compared to Dh184.3 million in 2009.
Revenues reached Dh2.2 billion in 2010, up 13 per cent from the previous year.
Chief Executive Fadi Ghandour said he expects to see more challenging conditions in 2011, according to a statement.
'Our outlook for 2011 is cautious, although we will reserve judgement for the full year until after we have posted our results for the first two quarters,' said Ghandour.
The courier firm said its operations in Egypt have been interrupted by the unrest but its facilities were not damaged.
Ghandour said the interruptions will not have a significant impact on revenues. – Reuters