ACW - Air Cargo Week

11/02/2011

Aramex enjoys strong revenues and profits ‘in line with expectations’

Dubai-headquartered logistics specialist Aramex has reported third-quarter revenues of 651 million UAE dirhams (US$177.2 million), representing a 19 percent increase on the same period of last year.

Net profit also rose year-on-year, by 3 percent to 48 million dirhams ($13 million).

Fadi Ghandour, founder and CEO, commented: "Considering the volatile political situation in a number of markets in the Middle East, I am satisfied with the financial results, which were in line with our expectations for this difficult year."

While uncertainty in the Egyptian and some other markets did have an adverse effect on performance, as did high fuel prices and inflationary pressure on costs, there was a healthy level of growth "across all products lines in key markets", the company said.

Ghandour added that Aramex expects to finalise a number of acquisitions and joint ventures in Central Asia and Africa in the near future.

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