Aramex increases Q1 revenues by 24pct
Aramex has announced a first-quarter revenue rise of 24pct to AED 494.4 million (EUR 84.1 million), from AED 399.6 million (EUR 67.9 million) for the same period last year, highlighting the company’s strong financial performance.
Net profits for 2008’s first quarter rose by 21pct to AED 36.2 million (EUR 6.2 million), from AED 29.9 million (EUR 4.9 million) posted in 2007.
Despite challenges in the market, Aramex said it continues to reap the benefits of a successful expansion strategy that has helped boost productivity and sales across key product and service lines, as reflected in the company’s healthy margins. Along with strong profitability for its freight and express product, the company has been pleased with the impressive growth of its logistics and records management services, which have witnessed 39pct and 57pct growth, respectively.
Across Aramex’s core Middle East market, performance in the Levant has improved notably, while rapid growth in the Kingdom of Saudi Arabia and excellent results in the UAE have made an unequivocal impact on the company’s profitability, the company said.
“Aramex’s first quarter results are a strong indication that we are on the right track. Our ability to leverage our infrastructure and supply chain capabilities across the region is paying off and these results are in-line with our expectations for the year ahead,” said Fadi Ghandour, Aramex’s President and CEO. “We are still focusing on acquisitions and opportunities in key global markets such as Asia; however, we remain focused on our markets in the MENA region where strong economic growth continues,” Ghandour added.
