Dubai-Mubasher: Watani Investment Company (NBK Capital) kept the fair value of Aramex unchanged at AED 4.50, while maintaining “Buy” recommendation, according to a recent statement on Wednesday.
The logistics firm’s revenues increased 5% year-on-year (y-o-y) in the fourth quarter of 2015 to reach AED 1.300 billion, lower 1% than NBK Capital’s expectations.
Excluding the impact of foreign currency movement, revenue would have grown 8.5% y-o-y in Q4-15.
NBK Capital attributed the profit growth to a strong performance across all geographies despite currency fluctuations, with the GCC remaining a key growth contributor.
The Dubai-based courier’s stock rose 0.34% after trading 1.033 million shares, generating AED 3.04 million.
The financial services firm maintained a positive outlook for Aramex in 2016 with a continued focus on driving growth in e-commerce-related services.
