Express and logistics operator Aramex has reported double-digit increase in revenues and netprofits for the second quarter and first half of 2012, reflecting the company’s continuous healthy
growth despite the difficult economic conditions around the world.During the second quarter of this year, revenues rose 21% to AED 782 million (€174 million)compared to the same period last year while the company’s net profits rose 14% to AED 64.4 million(€14.3 million).
Total revenues for the first half of 2012 grew by 23% to AED 1.53 billion (€340 million). Thecorresponding net profits reached AED 125 million (€27.8 million) representing a growth of 18%compared to the first six months of 2011.
Fadi Ghandour, Aramex’s founder and CEO, explained: “Despite the slowdown in the global economy,we continue to deliver strong results. This is attributed to the very strong performance in theGulf Cooperation Council (GCC) countries, whose economies continue to grow. Furthermore, ouracquisitions in the past couple of years, in the emerging economies of south-east Asia and Africa,continue to contribute significantly.”
Aramex’s operations in Egypt, one of its key global markets, have been gradually improving sincethe beginning of the year, but the outlook for the short to medium term remains unclear due to theeconomy’s vulnerability to the political conditions in the country. This became evident in Junefollowing the presidential elections, as the company’s operations witnessed a significantslowdown.
Looking ahead, Ghandour stressed that the company is continuing its strategy to expand itsglobal network through a number of acquisitions and ‘greenfield’ operations in emerging growthmarkets in Africa, south-east Asia and central Asia.
“While our strategic acquisitions in 2011 are bearing fruits, with an increasing contribution toour global revenue, initial investments in our greenfield operations in Africa continue to weighdown on our immediate quarterly results and are expected to start contributing positively to ourrevenues by 2013. With that in mind, I am confident of our direction and performance for the restof the year,” he concluded.
