News Column

Aramex second quarter profit climbs 12% to Dh80.8m

July 24, 2014

Staff Report

Dubai: Dubai-listed Aramex reported on Thursday a second quarter profit of Dh80.8 million, up 12 per cent on the corresponding 2013 period, driven by growth in the GCC market.

Revenues rose nine per cent to Dh917 million in the April to May period compared to the 2013 second quarter.

Second quarter results contributed to a record half-year, the company said in a statement, with net profit increasing to Dh159.5 million, up 13 per cent, while revenues rose 7 per cent to Dh1.76 billion.

The logistics company said the GCC market was the key driver for growth but also said the first year saw stronger performances from operations in Europe, Asia-Pacific and Africa.

"Africa remains vital to Aramex's expansion strategy and to its global network," the company stated.

"Our net profits for the first half and second quarter of the year, excluding the one-off cost of acquiring Mail Call, are Dh165.2 million, and Dh86.5 million respectively reflecting 17 per cent and 20 per cent growth over the same period last year," stated Hussain Hachem, Aramex CEO.

Thursday's results for the first half do, however, include a one-off cost of Dh5.642 million related to the Australian Mail Call acquisition.

In June, the company said it purchased the Australian logistics company for Dh114 million.

In the results statement, Hachem said Aramex will look at other opportunities this year for possible acquisitions.

He added that Aramex will also "invest in a number of initiatives to deepen our client services proposition, focusing on upgrading our logistics infrastructure".

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Source: Gulf News (United Arab Emirates)

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