Aramex opens logistics facility in Jordan, announces 3Q results
ARAMEX International Ltd., an express and freight-forwarding company specializing in the Middle East and the Indian Sub-continent regions, has signed a software license agreement with EXE Technologies Incorporated. The software is designed to execute warehousing and distribution systems in both eCommerce and traditional business environments.
The company also announced the opening of a one million dollar logistics facility at the Queen Alia International Airport Free Zone in Jordan. Measuring 2,000 square meters, the new operation will work together with the other existing Aramex logistics facilities in Jebel Ali Free Zone, Bahrain Free Zone, and the upcoming facility in Jordan’s Aqaba Free Zone.
The Company’s revenues increased approximately 11 percent to $29 million for the third quarter ended September 30, 2001, up from $26.0 million for the third quarter of 2000. Net income decreased approximately 11 percent to one million dollars for the 3Q 2001, from $1.1 million for the corresponding period the previous year.
Basic earnings per share (EPS) decreased by nine percent to $0.21 per share for the third quarter 2001, from $0.23 for the third quarter ended September 30, 2000 and diluted earnings per share decreased to $0.20 per share. Net income and EPS were adversely affected by the Company’s share of the operating losses in its investment in Aregon Ltd. Operating income increased approximately 31 percent to $1.5 million for the third quarter ended September 30, 2001 from $1.1 million for the same period last year.
The Company’s revenues increased approximately 10 percent to $85.4 million in the nine months ended September 30, 2001 from $77.7 million in the same period in 2000, and net income decreased approximately three percent to $3.2 million in the nine months ended September 30, 2001 from $3.3 million in the same period of year 2000. Basic earnings per share and diluted earnings per share for the nine months ended September 30, 2001 decreased by three percent to $0.66 and $0.64 respectively as compared to the same period in year 2000.
ARAMEX International is a provider of express package delivery, freight forwarding, logistics and other transportation services primarily to, from, and within the Middle East and the Indian
Sub-Continent. The Company provides its services from its main hubs in Dubai (UAE), London, New York and Amman (Jordan).
Founded in 1982, the Company now operates a network including 120 locations in 33 countries. From 1997 through 2000, the Company's total revenues increased from $66.3 million to $106.5 million and net income increased from $3.1 million to $4.9 million, respectively, according to a company release. The Company also holds a majority interest in a direct marketing and mail order business, Middle East Direct Marketing. — (menareport.com)
© 2001 Mena Report (www.menareport.com)