Dubai-Mubasher: MubasherTrade Research (MTR) set Dubai-based courier Aramex’s fair value (FV) at AED 4.79, maintaining “Buy” recommendation.

The company posted a 12% growth to AED 96.9 million year-on-year (y-o-y) in the first-quarter of 2016, 5% higher than MTR’s expectations of AED 92.2 million.

Revenues increased by 13% y-o-y to AED 1.05 billion, up 4% from MTR’s estimates of AED 1.01 billion.

Aramex’s strong performance is mainly attributed to the expansion of its fast-growing e-commerce business.

The management continues to look for future acquisitions in key markets, especially in Asia, where they see opportunities for business growth.

The company will continue to invest in innovative technologies where it rolled out a new mobile app in Q1, which will be launched across the UAE and additional markets in Q2.