Logistics provider continues infrastructure development in Middle East
Aramex announced its financial results for the first quarter of 2008, with yet another set of results highlighting the company’s strong financial performance.
Revenues for the period ending March 31, 2008 rose 24% to AED 494.4 million, surging from AED 399.6 million posted in 2007. Meanwhile, net profits for the first quarter of 2008 rose by 21% to AED 36.2 million, from AED 29.9 million for the same period last year.
Despite challenges in the market, Aramex continues to reap the benefits of a successful expansion strategy that has helped boost productivity and sales across key product and service lines, as reflected in the company’s healthy margins.
‘Aramex’s first quarter results are a strong indication that we are on the right track,’ said Fadi Ghandour, Founder and CEO of Aramex. ‘Our ability to leverage our infrastructure and supply chain capabilities across the region is paying off and these results are in-line with our expectations for the year ahead.’
Along with strong profitability for its freight and express product, the company has been pleased with the impressive growth of its logistics and records management services, which have witnessed 39% and 57% growth, respectively.
‘We are still focusing on acquisitions and opportunities in key global markets such as Asia; however, we remain focused on our markets in the MENA region where strong economic growth continues,’ added Ghandour.
Across Aramex’s core Middle East market, performance in the Levant has improved notably, while rapid growth in the Kingdom of Saudi Arabia and excellent results in the UAE have made an unequivocal impact on the company’s profitability.