Aramex, the Dubai-listed logistics firm, saw its second quarter net profit rise 15 per cent to Dh38.4 million (US$10.3m) from a year earlier, slightly lower than analyst forecasts. The investment bank, EFG Hermes, had predicted Aramex would post a second quarter net profit of Dh44m. The 25-year old logistics company saw its second quarter revenues grow from Dh437.5m to Dh539.3m, up 23 per cent on the same period last year.
The company's first half net profit climbed 18 per cent to Dh74.6m from Dh63.4m for the same period last year, while revenue for the same period recorded a 23 per cent increase to Dh1.033bn from Dh837m from a year earlier. The firm's total overheads, as a percentage of revenues, increased to 41 per cent in the second quarter - driven mostly by fuel prices - compared to 39 per cent for the same period the previous year.
Fadi Ghandour, the chief executive of Aramex, said that despite inflationary pressures in the region, the firm had continued to perform well. "We remain optimistic that the remainder of the year will produce similarly consistent results," he said. Aramex shares closed trade 0.4 per cent higher at Dh2.35 yesterday. @Email:skhan@thenational.ae
