Middle East-based express and freight transportation group Aramex has unveiled strong profit growthfor the third quarter ending September 30, 2008, and reinforced its continuing interest in
acquiring a Chinese company.In Q3, 2008, Aramex net profits rose 31% to AED 33.9 million (€7.2 million) while itsrevenues registered a 21% increase to AED 545.7 million (€115.6 million).
The company’s revenues for the first nine months of 2008 climbed by 23% to AED 1,579.5million (€334.6 million), while net profits rose by 21% to AED 108.5 million (€23 million). All keyproducts recorded double-digit growth, the company noted.
“Given the current market conditions, we are very pleased with these results. Obviously, wewill continue to monitor the global economic situation very carefully; however, Aramex has a veryhealthy balance sheet with little debt and no investments outside our core business, so we remainconfident that we are on track to meet our targets for the fourth quarter of this year, ” said FadiGhandour, founder and CEO of Aramex.
Ghandour added that Aramex is also “quite satisfied with the performance of our Europeanoperations and will be focusing more of our attention on expansion in Asia, specificallyopportunities for acquisitions in China. The fact that we have taken our time is paying off now, inview of the turmoil in the financial market. As the dust settles, I am sure we are going to findthe right company with the right business model at the right value.”
