Aramex, the Middle East-based express and freight group, has announced a first-quarter revenue riseof 24% 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 21% to AED 36.2 million (EUR 6.2 million), fromAED 29.9 million (EUR 4.9 million) posted in 2007.
Despite challenges in the market, Aramex said it continues to reap the benefits of asuccessful expansion strategy that has helped boost productivity and sales across key product andservice lines, as reflected in the company’s healthy margins. Along with strong profitability forits freight and express product, the company has been pleased with the impressive growth of itslogistics and records management services, which have witnessed 39% and 57% 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 anunequivocal 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. Ourability to leverage our infrastructure and supply chain capabilities across the region is payingoff 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 globalmarkets such as Asia; however, we remain focused on our markets in the MENA region where strongeconomic growth continues,” Ghandour added.
