Middle East-based express and freight group Aramex said today it continued to improve itsresults in the first quarter of 2010 with a 10% rise in net profits.
Net profits for the three months ending March 31, 2010, rose 10% to AED 47.5 million (€9.76million). The company registered a high net profit margin of 9% in the first quarter of 2010, as itcontinues to implement effective cost-management programs, resulting in lower cost of services andcapping of expenses.
Revenues also showed strong growth of all key products across the company’s operations in thefirst three months of this year, rising by 14% to AED 530 million (€108.91 million).
“Our financial results for the period are in line with our expectations,” said Fadi Ghandour,founder and CEO of Aramex, “The growth in revenues was driven by solid performance in all ourmarkets, and strong double-digit growth of our Freight forwarding business, with a significantcontribution coming from Europe.”
“The growth in our freight forwarding business is a clear indicator of the larger trend ofglobal macroeconomic activity,” he added.
The company reported a strong net cash position of AED 500 million (€102.74 million) as of March31, 2010, which is ideally placed to support its expansion plans in emerging markets, particularlyAfrica, Southeast Asia and the Commonwealth of Independent States, primarily by partnering withstrategic local firms.
Aramex said it will remain focused on fulfilling its sustainability commitments in 2010, bycontinuing to adopt environmentally-friendly practices, actively engaging in community development,and partnering with institutions and stakeholders to foster an environment conducive to the growthand development of youth and SMEs.
