Dubai’s Aramex Q3 Net Profit Rises 11%

Logistics firm Aramex posted a 11-per cent increase in quarterly profits on Tuesday, boosted by its Gulf Arab operations, and the Dubai firm said it was eyeing more acquisitions in Southern Africa region next year.

Aramex reported third-quarter net profit of Dhs53.1 million ($14.5 million) for the period ended Sept 30, up from Dhs48 million a year-ago.

Revenues rose 17 per cent to Dhs763 million from Dhs650 million in the prior-year period, the company said in an emailed statement.

Aramex, a favourite of regional fund managers, has been expanding in to Middle East and African markets and bought South Africa’s Berco Express as well as Kenya’s Oneworld Courier and In-Time Couriers last year.

The firm said announcement of new acquisitions in Southern Africa region can be expected in 2013, without giving any additional details.

Fadi Ghandour, Aramex’s Founder and CEO said he was confident of the company’s performance for the rest of the year.

Ghandour is to step down by the end of 2012 and hand over day to day operations to Hussein Hachem, the current head of the Middle East and Africa regions, the company said in April.

Aramex shares were down one per cent in early Dubai trade. They have risen 8.3 per cent year-to-date.