Aramex looks to expand after double digit growth
Aramex reported double digit growth for the last quarter, with Q3 net profits of AED 46.7m ($12.7m). This represented an increase of 12% compared to AED 41.7m ($11.6m) posted in the corresponding period of 2009.
The company also highlighted an ambition to expand into new markets, as it published its results for the period ended September 30, 2010.
Net profits for the first nine months of 2010 stood at AED 149.1m ($40.6m), representing 11% growth over the AED 134.8m ($36.7m) for the first nine months of 2009.
The company’s revenues for the period rose to AED 545m ($148.3m), an increase of 12% compared to AED 488m ($132.8m) in 2009 levels.
Aramex said it continues to retain a high net profit margin of 8.6%, along with a strong cash position of AED 517m ($140.7m), which ideally supports its future expansion plans.
“Our solid results for this quarter are in line with our expectations, which mark the third consecutive quarter with double-digit revenue growth, and are a continuation of the company’s strong historical performance across all markets and operations,” said Fadi Ghandour, Aramex founder and CEO.
The company said it remains focused on its strategy of expanding into emerging markets in Africa, South Asia and Commonwealth of Independent States, and has recently acquired a majority stake of its franchisee operations in Bangladesh.
“We continue to seek promising expansion opportunities and look to build new partnerships and conclude more acquisitions in these budding markets,” Ghandour added.
1 AED = $0.27/ EUR 0.19 / GBP 0.17 (xe.com, 27/10/10)
