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ARAMEX PJSC — Earnings Release 2011
Oct 27, 2011
66347_rns_2011-10-27_01f075e4-d91a-4a6e-a4ae-7a53250c40da.pdf
Earnings Release
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Press Release
Aramex reports third quarter revenues of AED 651, up by 19%
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Third quarter 2011 net profit of AED 48 million, up 3%
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Quarterly revenues reach AED 651 million, up 19%,
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Strong double-digit growth across all products
Dubai, UAE; October 27[th] , 2011: Aramex (DFM: ARMX), the global logistics and transportation solutions provider, today announced its financial results for the third quarter of 2011, reflecting a healthy increase in revenues and net profits, in the face of continued instability in a number of its markets in the Middle East and North Africa (MENA) region.
Aramex’s revenues for the third quarter of 2011 rose to AED 651 million, up % 19 from AED 545 million in the corresponding period of 2010. In the same period, the company’s net profits rose to AED 48 million, up from AED 46.7 million, representing an increase of 3 %.
“Considering the volatile political situation in a number of our markets in the Middle East, I am satisfied with the financial results, which were in line with our expectations for this difficult year” said Fadi Ghandour, Aramex founder and CEO.
The company’s operations witnessed healthy levels of growth across all product lines in key markets including the Gulf Cooperation Council (GCC) countries, particularly in the Kingdom of Saudi Arabia and the United Arab Emirates, in addition to Europe and Southeast Asia.
In regards to the situation in the Levant region and Egypt, Ghandour said “Our operations are experiencing a slowdown due to uncertainties in Egypt and other markets, which has affected business and trade across the whole region.”
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He added that ‘a number of factors are behind the modest growth in net profits including high fuel prices resulting in regional and global inflationary pressures on operating costs, increase in overheads, and the increasing cost of doing business in the Middle East in light of the wave of political uncertainties. In addition, we have already started a number of Greenfield operations in Africa, all of which will be announced soon, which involved opening offices and building infrastructure, and thus creating an additional burden on our operating costs in this period, before we start seeing some substantial revenue generation.”
On the outlook for the rest of this year, Ghandour reiterated the company’s assessment that “performance for the remainder of the year is expected to continue on this course, and fall in line with our estimates for the year.”
Ghandour also added that the management team in Aramex has been working diligently on finalizing a number of strategic acquisitions and joint ventures in key emerging markets in Central Asia and Africa, with expected announcements of new acquisitions by the first quarter of 2012.
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About Aramex:
Aramex is a leading provider of comprehensive logistics and transportation solutions. Established in 1982 as an express operator, the company rapidly evolved into a global brand recognized for its customized services and innovative multi-product offering. Traded on the NASDAQ from 1997 to 2002, Aramex today is a publicly traded company on the Dubai Financial Market (DFM: ARMX), employing more than 9,000 people in 313 locations, across 56 countries and leads a strong alliance network providing global presence, and bringing together 40 independent express companies from around the world. The range of services offered by Aramex includes integrated logistics solutions, international and domestic express delivery, freight forwarding, secure records and information management solutions, and e-services, including e-business solutions and Shop and Ship.
For more information, please visit us at www.aramex.com. Follow us on Twitter: @aramex.
For further information, please contact:
Ashraf Zeitoon Aramex International Dubai, United Arab Emirates Tel: +971 600 544 000 E-mail: [email protected]
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