Aramex Q4 net profit up 16pc
Dubai, February 2, 2014
Dubai-based logistics firm Aramex posted a 16 percent rise in fourth-quarter net profit on Sunday, boosted by growing revenues from its international business.
The company made a net profit of 76.4 million dirhams ($20.8 million) in the three months to Dec. 31, up from 65.7 million dirhams in the prior-year period, it said in a statement to the Dubai bourse.
The earnings edged slightly ahead of the average forecast of four analysts polled by Reuters, who expected a profit figure of 74.4 million dirhams.
Revenue in the quarter grew 5 percent year-on-year to 850 million dirhams, with its international express business recording revenues 11 percent higher in the same timeframe.
Hussein Hachem, Aramex's chief executive, said in the statement the firm was "very confident of carrying our strong performance through 2014", with the firm expected to continue expanding in Africa, Asia and the Middle East. – Reuters