The Dubai-listed firm, which competes with Fedex and DHL, stopped its Libya operations and was hit by unrest in Egypt and Bahrain, it said in a statement.

“I expect very low double digit growth this year,” Fadi Ghandour, Aramex’s chief executive, said after the results were announced.

“It will be similar to what we have seen. About 10 to 12 percent.”

He said the company was now concerned about its operations in Syria, where social unrest is growing.

“Operations are normal in most parts right now but we are concerned,” said Ghandour.

He said the courier firm’s operations in Libya are not expected to return to normal anytime soon.

Aramex posted a five percent rise in first-quarter profits to AED49.8 million ($13.6 million), as revenues from Gulf operations grew. That was up from AED47.5 million in the prior-year period.

Net revenue rose 12 percent to AED595 million from AED530 million.

“UAE and Saudi Arabia continue to be our strongest markets. Other Gulf markets also continue to grow despite the uncertainties. We have been gaining clients,” said Ghandour.

The company, which acquired two Kenyan delivery companies in February, will look at more acquisitions this year, the CEO said.

“We are looking at two to three acquisitions this year. We are aggressive about it..... we are looking at opportunities in Africa,” said Ghandour.

Shares of Aramex ended two percent lower on the Dubai bourse before the results were announced.

AlembicHC upgraded Aramex to “overweight” earlier this month stating that geographical diversification will help the firm grow earnings modestly in 2011 despite regional turmoil.

Aramex posted a 11 percent rise in its fourth-quarter net profit last year but warned that it faces rising operating costs in 2011.