Aramex expects double-digit profit growth

Monday, 13 January 2014 00:00 -     - {{hitsCtrl.values.hits}}

REUTERS: Dubai-listed logistics group Aramex expects double-digit 2013 net profit and revenue growth and is eyeing acquisitions in South Africa and east Africa in the second half of this year, its Vice-Chairman said. Nine-month net profit at the firm rose 13% year-on-year and full-year results should be in line with this, Fadi Ghandour, founder and Vice-Chairman, told Reuters on the sidelines of a youth unemployment event. Ghandour did not expect to make any acquisitions before the third quarter of this year and anything costing below $ 100 million, Aramex could finance itself, he said. The company’s unleveraged balance sheet meant that it would have no difficulty borrowing from banks if it needed funding for any purchases, he said.