Aramex first quarter net profit down five percent

Dubai-based courier Aramex reported a 5 percent fall in first-quarter net profit on Sunday due to a rise in provisions related to the company's incentive scheme. The company made a net profit of 91.8 million dirhams ($25.0 million) in the three months to March 31, it said in a statement. This compares with a profit of 96.9 million dirhams in the same period a year earlier.
EFG Hermes and SICO Bahrain forecast the firm would make a quarterly net profit of 109.1 million dirhams and 105.6 million dirhams respectively.