Express and logistics operator Aramex today reported a healthy increase in revenues and netprofits for the second quarter of 2011, despite the continued instability in a number of its key
markets in the Middle East and North Africa (MENA) region, and said it aimed to finalise severalacquisitions during the next nine months.Revenues rose 16% to AED 648 million, while the company’s net profits rose 3% to AED 56.5million.
Aramex founder and CEO Fadi Ghandour said: “We are satisfied with our results for the secondquarter, which are in line with our expectations. In particular, we are encouraged by the stronggrowth across most of our core markets in the Gulf region.”
He said Aramex’s operations in the Gulf Cooperation Council countries (GCC) continued the strongperformance from the first quarter of this year. In addition, the continued growth of Aramex’sbusiness in European and Asian Markets contributed to the company’s positive overallperformance.
“Our operations in a number of markets in the region are witnessing challenging conditions, witha significant drop in our revenues in these markets, while our operations in Libya remainsuspended,” said Ghandour.
On the outlook for the rest of this year, Ghandour said that the company’s “encouraging”performance in the first two quarters of 2011 was “a clear indication of our ability to adapt torapidly evolving market conditions, and further proof of our agile business model. However, wecontinue to maintain a cautious outlook due to the political instability in a number of markets,and the anticipated impact of higher fuel prices and global inflationary pressure on our operatingcosts.”
He also added that Aramex maintained its focus on strategic expansions in key emerging marketsin central Asia, and Africa, and aims to finalise a number of new acquisitions by the first quarterof 2012.
