Aramex reports third quarter net profit of AED 46.7 million, up 12%
Aramex (DFM: ARMX), the global logistics and transportation solutions provider, today announced its results for the three months ended September 30, 2010. The company reported net profits of AED 46.7 million for the third quarter of this year, an increase of 12% compared to AED 41.7 million posted in the corresponding period of 2009. Net profits for the first nine months of 2010 stood at AED 149.1 million, representing 11% growth over the AED 134.8 million for the first nine months of 2009.
The company's revenues for the three months ended September 30, 2010 rose to AED 545 million, an increase of 12% compared to AED 488 million in the corresponding period of 2009. Aramex continues to retain a high net profit margin of 8.6% along with a strong cash position of AED 517 million as of September 30, 2010, which ideally supports its future expansion plans.
"Our solid results for this quarter are in line with our expectations, which mark the third consecutive quarter with double-digit revenue growth, and are a continuation of the company's strong historical performance across all markets and operations," said Fadi Ghandour, Aramex founder and CEO.
The company remains focused on its strategy of expanding into emerging markets in Africa, South Asia and Commonwealth of Independent States, and has recently acquired a majority stake of its franchisee operations in Bangladesh.
"We continue to seek promising expansion opportunities and look to build new partnerships and conclude more acquisitions in these budding markets," Ghandour added.