Aramex, the Middle East-based express and freight transport group, has announced strong growth inprofits and revenues for the second quarter and first half of 2008.
In the quarter ending June 30, 2008, Aramex net profits climbed 15% to AED 38.4 million (EUR6.71 million), compared to AED 33.5 million (EUR 6.6 million) for the same period in 2007. Revenuessoared from AED 438 million (EUR 86.8 million) to AED 539.3 million (EUR 94.27 million), resultingin double-digit growth of 23% over the same period last year.
The results pushed Aramex’s 2008 half-year net profits up by 18% to AED 74.6 million from AED63.4 million for the same period last year. Revenues for the first six months of 2008 alsoregistered 23% growth, jumping to AED 1033.7 million, from AED 837.0 million for the same period in2007.
Aramex’s total overhead as a percentage of revenues increased to 41% in the second quarter2008 compared to 39% for the same quarter of 2007 driven by increases in fuel prices, in additionto escalating operating and overhead costs.
“Despite inflationary pressures in the region, we continue to perform well and remainoptimistic that the remainder of the year will produce similarly consistent results,” said FadiGhandour, founder and CEO of Aramex.
“Our growth potential is positive, particularly in our core Middle East market, where we arebenefiting from the unprecedented economic boom. We continue to take advantage of outsourcingtrends in the region, particularly in third party logistics, whilst managing the inflationarypressures on our operating and overhead costs,” Ghandour added.
Aramex said, it has been able to achieve its positive results without comprising its strongcommitment to environmentally, socially, and economically sustainable business activities.
During the first half of 2008, the company was involved in a number of landmarksustainability-related projects, including the introduction of hybrid cars into its ground fleet,and the adoption of eco-friendly packages across all operations.
