Dubai - Mubasher: Aramex, a Dubai-based courier, saw its profits rising 12% in the first quarter of fiscal 2016 by 12% year-on-year.
Net profit reached AED 96.9 million ($26.38 million) in Q1-16, compared to AED 86.6 million ($23.58 million) in Q1-15.
“Our performance was strong in the first quarter this year, despite the global economic uncertainty and volatile oil prices,” the company’s CEO, Hussein Hachem said.
“Aramex could have achieved a rise of 18% in its profit, if not for the costs of acquiring Fastway Couriers this quarter,” he added.
Earlier in January, Aramex announced its acquisition of New Zealand-based Fastway Couriers.
Total revenues rose in the January-March period of 2016 by 13% to AED 1.048 billion ($285.33 million), versus AED 930 million ($253.20 million) in Q1-15.
Aramex earlier reported a net profit of AED 311 million ($84.67 million) in the fiscal year 2015, 2.2% down from AED 318 million ($86.58 million) in the fiscal year 2014.
