Middle East-based express and freight transportation group Aramex has unveiled strong profit growthbut a considerable decline in revenues for the third quarter ending September 30, 2009, due to
weaker global freight forwarding activity and an extended number of public holidays along withreduced business hours.In Q3, 2009, Aramex net profits rose 23% to AED 41.7 million (€7.55 million) while itsrevenues registered an 11% decline to AED 487.6 million (€88.32 million) compared to the sameperiod last year. The company’s net profit for the first nine months of 2009 climbed by 24% to AED134.8 million (€24.42 million).
The Q3 revenue decrease included a 20% decline in freight forwarding revenues across thecompany’s network. In addition, third-quarter revenues were also negatively impacted by theincreased number of public holidays, including those on account of Ramadan and Eid holidays in theMiddle East and North Africa region during the period and reduced business hours.
Aramex said the financial results were in line with the company’s expectations reflectingsimilar trends in the first two quarters of this year.
“In spite of the extremely challenging economic conditions that have prevailed during thefirst nine months of this year, impacting growth in our revenues, we have consistently announceddouble-digit increases in our net income quarter after quarter,” said Fadi Ghandour, founder andCEO of Aramex. “This consistency is testament to the resilience and flexibility of our asset-lightbusiness model, and the entrepreneurial and innovative thinking of our people.”
Ghandour added that Aramex continues to review expansion opportunities in underservedmarkets, especially in Africa and Central Asia. “As Aramex adjusts its long-term growth strategy inline with evolving market dynamics, we are also determined to upgrade and expand our existinglogistics infrastructure in core markets.”
