Aramex second quarter net profit up 10%

Published July 25th, 2010 - 12:18 GMT

Aramex (DFM: ARMX), the global logistics and transportation solutions provider, today announced its second quarter earnings for the three months ending June 30, 2010. The company reported net profits of AED 55 million, a 10% increase over the AED 50 million posted in the corresponding period of 2009. Net profits for the first half of 2010 stood at AED 102 million, growth of 10% over the AED 93 million achieved in the first six months of 2009.

For the second consecutive quarter, company revenues witnessed double-digit growth, reaching AED 557 million, a rise of 15% from the AED 485 million registered in the same period of 2009. These results were mainly due to an increase of business across the company's operations and strong growth in freight services in Europe and India. Building on the solid performance achieved in the first quarter of 2010, the company also achieved a high net profit margin of 10% in the second quarter as it continued to focus on operational cost efficiency.

"These solid figures meet our expectations for this quarter, and are very much in line with historically strong performances across all levels of operations," said Fadi Ghandour, Aramex founder and CEO. "Supported by our strong cash position, we remain focused on investing and expanding in emerging markets such as those in Africa, Southeast Asia and the CIS countries," Ghandour added.

Aramex also continued, in the second quarter of 2010, to deliver on its commitments to the environment and communities, expanding its partnership agreement with UNICEF in the GCC. Among other initiatives and activities, Aramex released its second sustainability report in April 2010, outlining the company's progress and highlighting steps to accelerate the adoption of sustainability practices. 

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