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Aramex reports 31% net profit increase despite global slump

Aramex on Tuesday reported a 31 per cent increase in its net profits that touched Dh33.9 million for the third quarter this year.

  • Staff Report
  • Published: 23:31 October 28, 2008
  • Gulf News

Dubai: Aramex on Tuesday reported a 31 per cent increase in its net profits that touched Dh33.9 million for the third quarter this year.

The figure for the same period last year was Dh26 million. Aramex revenues registered a 21 per cent increase from Dh451.7 million to Dh545.7 million during the quarter year on year.

Revenues for the first nine months of 2008 climbed by 23 per cent to Dh1.57 billion, from Dh1.289 billion over the same period in 2007, while net profits rose by 21 per cent to Dh108.5 million, from Dh89.4 million. All of Aramex's key products have recorded double-digit growth, the company said.

"Given the current market conditions, we are very pleased with these results. Obviously, we will continue to monitor the global economic situation very carefully; however, Aramex has a very healthy balance sheet with little debt and no investments outside our core business, so we remain confident that we are on track to meet our targets for the fourth quarter of this year," said Fadi Ghandour, the founder and CEO of Aramex.

Ghandour added that Aramex is also "quite satisfied with the performance of our European operations and will be focusing more of our attention on expansion in Asia, specifically opportunities for acquisitions in China. The fact that we have taken our time is paying off now, in view of the turmoil in the financial market. As the dust settles, I am sure we are going to find the right company with the right business model at the right value."

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