Aramex, the Middle East's largest courier company, will continue to seek acquisitions even as the firm reported a 23 per cent plunge in second quarter net profit, missing analyst forecasts.
Net profit in the three months ended June 30 reached Dh97 million, compared with Dh125.7m in the year-earlier period. Revenue grew 4 per cent to Dh1.14 billion from Dh1.10bn a year earlier.
"Despite the ongoing global and regional economic uncertainty, we delivered strong results," said Hussein Hachem, Aramex chief executive officer. "Looking towards the second half of 2017, we are excited about our future prospects for growth, and will be actively identifying acquisitions and strategic partnerships to expand our global reach."
The Dubai-listed company said currency fluctuations, particularly from the devaluation of the Egyptian pound in November last year, and a one-time fair value adjustment related to its investment in Egyptian joint venture AMC Logistics in the second quarter of 2016 hit earnings.
The pound has lost nearly half its value since its devaluation last year.
Egyptian investment bank EFG Hermes has forecast a net profit of 104.8m, while Bahrain-based investment bank SICO had projected 97.5m in net profit, according to a Reuters poll.
Aramex's revenue in the second quarter from the Arabian Gulf region suffered from economic uncertainty, however it posted “a healthy rate” of growth in Asia, the Asia-Pacific, the US and Africa.
“Aramex’s Express services recorded double-digit growth in Q2 2017 and continue to be the main contributor to the company’s financial performance,” the company said. “Cross-border e-commerce in particular was the key driver for revenue growth especially in Asia-Pacific where customer demand for package delivery services across the region continues to rise.”
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Read more about the coronavirus
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
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Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
Jawan
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