Middle East-based Aramex is continuing to seek acquisitions and partnerships in Asia after againachieving double-digit growth in revenues and profits in the third quarter of 2010.
The express and freight transport group yesterday reported a 12% net profit rise to AED 46.7million (€9.1 million) for the three months ended September 30, 2010. Third-quarter revenues alsorose 12% to AED 545 million (€106.2 million)
Net profits for the first nine months of 2010 stood at AED 149.1 million (€29.1 million),representing 11% growth. Revenues for January – September 2010 were not released.
Aramex said it continues to retain a high net profit margin of 8.6% along with a strong cashposition of AED 517 million (€100 million) as of September 30, 2010, which ideally supports itsfuture expansion plans.
“Our solid results for this quarter are in line with our expectations, which mark the thirdconsecutive quarter with double-digit revenue growth, and are a continuation of the company’sstrong historical performance across all markets and operations,” said Fadi Ghandour, Aramexfounder and CEO.
The company said it remains focused on its strategy of expanding into emerging markets inAfrica, South Asia and Commonwealth of Independent States, and has recently acquired a majoritystake of its franchisee operations in Bangladesh.
“We continue to seek promising expansion opportunities and look to build new partnerships andconclude more acquisitions in these budding markets,” Ghandour added.
