Mediterranean | Middle East | Africa Trade
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Aramex Q1 net profit rises 14%
Logistics firm Aramex posted a 14 percent increase in first-quarter net profit on Wednesday, helped by its regional expansion and growth in emerging markets.The Dubai-based courier company, a favorite of regional fund managers, made a quarterly net profit of 69.4 million dirhams ($18.9 million) compared with 60.9 mln dirhams for the year-ago period, Aramex said in a bourse statement.
Revenue for the quarter rose 9 percent to 810 million dirhams. Two analysts polled by Reuters had expected the company to post first-quarter earnings of 70.6 million dirhams and 71 million dirhams.
Aramex has been expanding in the Middle East and Africa and bought South Africa’s Berco Express as well as Kenya’s Oneworld Courier and In-Time Couriers last year. (Reuters)
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