Aramex profits up; takes on Bangladesh franchise
Dubai-based Aramex has seen its profit rise by 12% to AED46.7 million
Global logistics and transportation solutions provider, Aramex has seen its profits rise by 12% to AED46.7 million.
The Dubai-based company reported net profits of AED46.7 million for the third quarter of this year, an increase of 12% compared to AED41.7 million posted in the corresponding period of 2009.
The result takes means that net profits for the first nine months of 2010 have reached AED149.1 million, 11% growth over the AED134.8 million recorded in 2009.
The company’s revenues for Q3 (ending 30 September) rose to AED545 million, up 12% compared to AED488 million in the corresponding period of 2009.
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,” said Fadi Ghandour, Aramex founder and CEO.
“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,” Ghandour added.