Logistics firm Aramex warns of uncertain outlook for 2012

Dubai: Logistics firm Aramex warned of an uncertain outlook for 2012 on Thursday after posting a full-year net profit of Dh211.5 million, up four per cent.

The company made a net profit of Dh57.2 million ($15.57 million) in the fourth quarter, up from Dh55 million in the corresponding period in 2010, the company said in a statement to the Dubai Financial Market (DFM).

Revenue for the quarter reached Dh682 million, up 18 per cent from Dh580 million in the prior-year period. Aramex's shares were unchanged on the DFM at 11.39am.

"Our net profits recorded modest growth due to high fuel prices, [an] increase in overheads, initial investments in our Greenfield operations in Africa, and political instability in some countries in the Middle East and North Africa region," said Fadi Ghandour, Aramex's Founder and CEO.

"Our performance for this year [2012] is expected to maintain this trajectory and we prefer to wait till the end of the first quarter to reassess our outlook for the rest of the year," he added.

Berco Express acquisition

In December last year, Aramex completed the acquisition of South Africa's Berco Express as part of its global expansion amid a difficult business environment in parts of the Middle East.

It followed a recent joint venture with SinoAir in China and the acquisition of OneWorld Courier and In-Time Couriers in Kenya in the first quarter of 2011.