Aramex first-half net profit grows 24% to Dh222.5m
Adjustment related to investment in AMC Logistics joint venture in Egypt impacts results
Aramex, the Dubai-listed logistics firm, posted a 24 per cent growth in net profit for the first half of this year to Dh222.5 million.
According to a statement on the Dubai Financial Market (DFM) yesterday, the doubledigit growth in net profit was impacted by a one-time fair value adjustment related to Aramex’s investment in AMC Logistics joint venture in Egypt amounting to Dh41.6 million.
Revenues for the first six months of 2016 reached Dh2.1 billion, up 15 per cent compared to the same period in 2015.
In terms of quarterly performance, Aramex recorded a 36 per cent increase in net profit to Dh125.7 million and a 17 per cent rise in revenue to Dh1.1 billion in the second quarter of this year over the corresponding period in 2015.
“Despite global economic uncertainty, continuing oil price volatility and currency fluctuations, our results for the quarter were strong,” stated Hussein Hachem, chief executive of Aramex, adding that the company experienced slowing growth at the end of the quarter.
“We are closely watching this trend so we can quickly adjust to further volatility and remain cautiously optimistic about continuing our growth momentum into the second half of 2016,” he said.