Aramex Q2 profit, revenue higher

Dubai logistics firm Aramex posted a 3 per cent rise in second-quarter net profit, as its core Gulf markets performed well amid higher fuel prices.

The firm, which competes with global giants such as Fedex and DHL, reported a quarterly profit of Dh56.5 million ($15.4 million) compared with Dh55 million during the same period of 2010, the company said in a statement on Wednesday.

Net revenue rose 16 per cent Dh648 million.

The company said it expects to grow at 10 to 12 per cent this year. Aramex said it would maintain a cautious outlook due to higher fuel prices and inflation.

Aramex acquired two Kenyan delivery companies in February and is looking at more acquisitions.

Shares of Aramex ended 1.65 per cent higher on the Dubai bourse before the results were announced.

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