Aramex net profit rises 12% in third quarter

Dubai-listed logistics company Aramex said third-quarter net profit rose 12 per cent to Dh46.7 million ($12.72m), falling slightly short of analysts’ expectations.

The firm, which competes with global giants such as Fedex and DHL, saw net revenue rise 12 per cent to Dh545m compared with Dh488m in the corresponding period of 2009, it said in a statement on Monday.

Four analysts polled by Reuters on average forecast net profit of Dh48m for the period.

Aramex said it will continue to focus on its strategy of expansion into Africa, South Asia and Commonwealth of Independent States, and has recently acquired a majority stake of its franchisee operations in Bangladesh.

Aramex shares closed up 0.9 per cent on the Dubai bourse on Monday prior to release of results.