Dubai’s Aramex Q4 Net Profit Up 16% On International Revenues

The company made a net profit of Dhs76.4 million in the three months to December 31.

Dubai-based logistics firm Aramex posted a 16 per cent rise in fourth-quarter net profit on Sunday, boosted by growing revenues from its international business.

The company made a net profit of Dhs76.4 million ($20.8 million) in the three months to Dec. 31, up from Dhs65.7 million in the prior-year period, it said in a statement to the Dubai bourse.

The earnings edged slightly ahead of the average forecast of four analysts polled by Reuters, who expected a profit figure of Dhs74.4 million.

Revenue in the quarter grew five per cent year-on-year to Dhs850 million, with its international express business recording revenues 11 per cent higher in the same timeframe.

Hussein Hachem, Aramex’s chief executive, said in the statement the firm was “very confident of carrying our strong performance through 2014”, with the firm expected to continue expanding in Africa, Asia and the Middle East.