Dubai-based logistics operator Aramex is eyeing new acquisitions this year as it a posted a small rise in Q1 2022 net profit. 

Net profit for the quarter rose 3 percent to 47 million dirhams ($12.7 million). Excluding the impact of write-offs from discontinued technologies, normalized net profit for the period increased 14 percent YoY to 52 million dirhams, the Dubai Financial Market-listed company said in a statement.

Q1 2022 revenues rose 2 percent YoY to 1.45 billion dirhams driven by strong performance in Logistics & Freight-Forwarding Business, it added.

Aramex's CEO Othman Aljeda said: "Supported by a robust balance sheet, low leverage and healthy cash position, we are ready to pursue value-accretive acquisitions over the course of the year to ensure we deliver on our global growth strategy." 

To support the acquisition spree, the company has cash balance of 762 million as of 31 March 2022. The debt-to-equity ratio stood at 46.8 percent.

The company is also looking to explore greater synergies with strategic shareholders, GeoPost / DPDgroup and Abu Dhabi Ports, the CEO added. 

 (Writing by Brinda Darasha; editing by Daniel Luiz)