DUBAI: Logistics firm Aramex posted a 11-percent increase in quarterly profits, boosted by its Gulf operations, and the Dubai firm said it was eyeing more acquisitions in Southern Africa region next year.

Aramex reported third-quarter net profit of AED53.1 million ($14.5 million) for the period ended Sept 30, up from 48 million dirhams a year-ago.

Revenues rose 17 percent to AED763 million from AED650 million in the prior-year period, the company said in an e-mailed statement.

Aramex, a favorite of regional fund managers, has been expanding in to Middle East and African markets and bought South Africa’s Berco Express as well as Kenya’s Oneworld Courier and In-Time Couriers last year.

The firm said announcement of new acquisitions in Southern Africa region can be expected in 2013.

Fadi Ghandour, Aramex’s Founder and CEO said he was confident of the company’s performance for the rest of the year.

Ghandour is to step down by the end of 2012 and hand over day to day operations to Hussein Hachem, the current head of the Middle East and Africa regions, the company said in April.

Aramex shares were down 1 percent in early Dubai trade. They have risen 8.3 percent year-to-date.