Dubai's Aramex Maintains Expansion Focus as 1Q Pft Rises 14%

Thursday, Apr 25, 2013

(This article was first published on Wednesday.)

DUBAI (Zawya Dow Jones)--Dubai-based Aramex (ARMX.DFM) on Wednesday said it continues to focus on expanding in growth markets through acquisitions and franchising as part of its growth plans, after the logistics provider posted a 14% rise in first-quarter profit.

The company made a three-month net profit of 69.4 million dirhams ($18.9 million), up from AED61 million in the year before period, Aramex said in statement posted on the Dubai bourse website.

"As expected, our operations in core markets, especially in the Gulf Cooperation Council (GCC) countries, continue to grow with healthy margins, and we were very satisfied with the increasing positive contribution of our operations in Africa to the company's overall performance," said Hussein Hachem, the company's chief executive officer.

Its revenues amounted to AED810 million in the last quarter, compared with AED745 million in the first quarter of 2012.

Aramex shares closed 1.3% lower at AED2.37 on Tuesday.

Write to Nikhil Lohade at nikhil.lohade@dowjones.com

(END) Dow Jones Newswires

25-04-13 0345GMT