Wednesday, Apr 17, 2013
DUBAI (Zawya Dow Jones)--Dubai-based logistics provider Aramex (ARMX.DFM) said its annual general assembly has approved the distribution of a 10% cash dividend for 2012.
"We will be distributing 60% of our net profits for 2012, which reflects the company's solid financial position and cash flow", said Aramex Chief Executive Hussein Hachem in a statement on the Dubai Financial Market website. "2013 promises to be an even more exciting year as we sustain our growth and continue our plans for expansion in key growth markets in Africa, Central Asia, and South East Asia."
In February, Aramex reported full-year net profit of 244.1 million UAE dirhams ($66 million), an increase of 15% on 2011. At the time Mr. Hachem said that while he was confident of the company's potential for growth, a cautious outlook for 2013 needed to be maintained due to the continued instability in the Middle East & North Africa, and the uncertainties clouding the global economic outlook.
Aramex shares closed trading Tuesday at AED2.35.
Write to Tim Falconer at tim.falconer@dowjones.com
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17-04-13 0500GMT
