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Dubai courier Aramex Q1 net profit rises 10 pct

First-quarter revenue rose 9 percent year-on-year to 930 million dirhams.

DUBAI, April 21 (Reuters) – Dubai courier Aramex reported a 10 percent rise in first-quarter net profit on Tuesday, in line with analysts’ forecasts and its own guidance.

The company made a net profit of 86.6 million dirhams ($23.6 million) in the three months to March 31, up from 78.7 million dirhams in the year-ago period, it said in a statement.

EFG Hermes and SICO Bahrain had forecast Aramex’s first-quarter profit at 84.9 million dirhams and 83.1 million dirhams respectively.

First-quarter revenue rose 9 percent year-on-year to 930 million dirhams.

The courier’s chief executive, Hussein Hachem, said in February that the company would likely post an annual profit increase of 10 percent in 2015 and was targeting at least two acquisitions this year as part of its growth strategy. ($1 = 3.6728 UAE dirham) (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)