Aramex announces 14% net profit increase in Q1
Dubai-based logistics and transportation solutions provider Aramex announced a 14 per cent increase in net profit in its Q1 2014 financial results, released today.
Profit rose from Dhs69.3 million in Q1 2013 to Dhs78.7 million in Q1 2014.
The company’s revenue for the quarter grew 6 per cent year-on-year to Dhs852 million, from Dhs803 million in Q1 2013.
Aramex said its performance was driven by growth in key geographies in the Middle East, sub-Saharan Africa and Asia, in express, logistics and freight.
Hussein Hachem, Aramex CEO, said: “We have started the year strongly. The first quarter of the year has built on our record performance in 2013, giving us a solid platform for the first half of the year. International express in particular achieved excellent growth, driven by increasing demand and revenues from regional and global e-commerce.
"Despite recent concerns over growth prospects in emerging markets, our continued focus on delivering against strategy has enabled us to achieve record profits once again. We will continue to aggressively invest in our core markets.
"We will be actively pursuing acquisitions in sub-Saharan Africa and Asia, expand our oil and gas services in North and East Africa and will continue to build on our e-commerce proposition through the remainder of 2014. Given the healthy business growth and significant market opportunities, we remain bullish on our prospects through the rest of the year."