- DUBAI: Dubai logistics firm Aramex posted a 3 percent rise in second-quarter net profit, as its core Gulf markets performed well amid political turmoil and higher fuel prices.
The firm, which competes with global giants such as Fedex and DHL, reported a quarterly profit of 56.5 million dirhams ($15.4 million) compared with 55 million dirhams during the same period of 2010, the company said in a statement on Wednesday.
Net revenue rose 16 percent 648 million dirhams.
The company, which stopped its Libya operations and was hit by unrest in Egypt and Bahrain, said it expects to grow at 10 to 12 percent this year. Aramex said it would maintain a cautious outlook due to the ongoing regional unrest, higher fuel prices and inflation.
Aramex acquired two Kenyan delivery companies in February and is looking at more acquisitions.
Shares of Aramex ended 1.65 percent higher on the Dubai bourse before the results were announced.