ARAMEX (DFM:ARMX), the leading total transportation solutions provider, today announced a third-quarter revenue jump of 65 per cent to AED 360.8 million, from AED 219.2 million for the same period last year.
The significant increase in revenues was driven by Aramex’s acquisition of Ireland-based Twoway-Vanguard, a logistics and freight service provider, in April 2006.
Revenues for the first nine months of 2006 climbed as well by an impressive 56% to AED 960.9 million, from AED 614.2 million for the same period last year.
Net profits for 2006’s third quarter rose by 20 per cent to AED 22.0 million, from AED 18.4 million for the same period last year, while net profits for 2006’s first nine months increased by 30% to AED 67.3 million, from AED 51.6 million for the same period last year.
The percentage increase of revenues outperformed that of net income mainly due to Aramex’s absorption of the costs of integrating and restructuring Twoway-Vanguard in its third quarter numbers.
“We are very happy with our performance over the past 9 months and are confident of our prospects for the full year,” said Fadi Ghandour, Aramex’s President and CEO. “The integration of our newest acquisition has taken a bit longer, and has come at higher cost, than expected, but these numbers demonstrate the company’s ability to integrate new acquisitions while maintaining its strong organic growth,” Ghandour added.
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