Dubai courier Aramex Q3 net profit rises 16%

DUBAI: Dubai courier Aramex reported a 16 per cent rise in third-quarter net profit on Monday, missing analyst forecasts.

Aramex made a quarterly net profit of Dh69.5 million ($18.95 million) in the three months to September 30, up from Dh59.9 million in the corresponding period of 2013, it said in a statement.

Analysts polled by Reuters on average forecast Aramex’s third-quarter profit would be Dh74.8 million and up 25 per cent year on year.

Third-quarter revenue rose to Dh922 million, up 12 per cent year on year.

“Revenues were once again particularly strong in international express and e-commerce,” Aramex chief executive Hussain Hachem said in the statement.

Aramex founder Fadi Ghandour said last week the company is targeting at least two acquisitions in 2015 as part of its growth strategy.