Aramex reported 2Q16 net profit of AED125.7mn,36% higher Y-o-Y, ahead of our estimate by 17% due to the booking one-off gain. Revenue grew 17% Y-o-Y to AED1,105mn as expected, boosted by contribution from recently acquired Fastway Couriers (during the second half of January 2016). Management commented that although the quarter ended strongly, it experienced slowing growth at end of quarter. The company is closely watching this trend to adjust quickly to further volatility and remains cautiously optimistic about continuing growth momentum into 2H16.In 1H16, revenue increased 15% Y-o-Y AED2,134mn and net profit 24% to AED222.5mn. Net profit double-digit growth in 1H16 was affected by fair value adjustment related to AMC Logistics joint venture in Egypt amounting to AED41.6mn.   The Dubai Financial Market (DFM) announced the execution of sales of 99.4 mn shares of Aramex at a value of AED4.4/share (5% above our FV for Aramex) to JAONA Investment. This comes following news on 26 July that Aramex founder, vice chairman, Fadi Ghandour, is selling entire 9.9% stake (owned through Levant Logistics Holdings) to investors including Mohamed Alabbar. (Press releases, Wafaa Baddour)   Aramex: AED3.86 as of 28 July 2016, Rating: Buy, FV: AED4.20 per share, MCap: USD1,540mn, ARMX UH / ARMX.DU