Dubai logistics firm Aramex delivers marginal gains on Q1-2022 net profit, with Dh47m

Dubai logistics firm Aramex delivers marginal gains on Q1-2022 net profit, with Dh47m

Dubai: Aramex has increased its foreign ownership limit to 100 per cent from 49 - this makes it the 'first onshore UAE company listed on the Dubai Financial Market to allow for full ownership of its free-floating shares by foreign investors'. "Aramex is a constituent of the FTSE Emerging Market Index and the MSCI Small Cap Emerging Market Index," said a statement. "The change in foreign ownership is expected to increase the stock’s available foreign room, which would result in an increase of the stock’s weight in these indices, followed by an increase in passive money flows." The Dubai logistics firm had good tidings from the first quarter, with net profit marginally higher by 3 per cent to Dh47 million, while revenues inched up 2 per cent to Dh1.45 billion. Helping the cause was a ‘strong’ performance on the logistics and freight-forwarding side. For now, Aramex reckons that the numbers will hold up despite the ensuing concerns from the Ukraine situation and the steady march of inflation. Aramex had last year initiated changes to its operating model, to be a far more nimble business. “We are starting to see a stabilization in our profitability margins,” said Othman Aljeda, CEO. “This