Dubai Courier Aramex Q1 Net Profit Rises 10%

Dubai courier Aramex reported a 10 per cent rise in first-quarter net profit on Tuesday, in line with analysts’ forecasts and its own guidance.

The company made a net profit of Dhs86.6 million ($23.6 million) in the three months to March 31, up from Dhs78.7 million in the year-ago period, it said in a statement.

EFG Hermes and SICO Bahrain had forecast Aramex’s first-quarter profit at Dhs84.9 million and Dhs83.1 million respectively.

First-quarter revenue rose nine per cent year-on-year to Dhs930 million.

The courier’s chief executive, Hussein Hachem, said in February that the company would likely post an annual profit increase of 10 per cent in 2015 and was targeting at least two acquisitions this year as part of its growth strategy.