Double-digit growth for Aramex 2009 profits

Revenues down but profits up for logistics company.


Aramex has reported Dhs49.5 million in net profits for the fourth quarter of 2009, marking a 28% increase from the corresponding period in 2008.

The logistics company also made Dhs524.8 million in revenues for the fourth quarter of 2009, making it the first quarter in 2009 to witness positive revenue growth, with an increase of 5% increase compared to the previous year.

"Throughout 2009, we were consistent in delivering solid performance while maintaining our employee base and without the need to restructure," commented Fadi Ghandour, founder and CEO of Aramex, who recently topped the Logistics Middle East Power List 2010.

"Our performance is a testament to the entrepreneurial spirit and hard work of our people who went out there as a team to reinforce Aramex's position in the market, negotiate favorable deals with suppliers, innovate new solutions, and create lasting partnerships with our customers," he added.

Aramex's fourth quarter results concluded a year marked with impressive performance despite the volatile economic conditions. Even though full year revenues for 2009 dropped by 6% to Dhs1,961 million, compared to Dhs2,080 million for 2008, the year still witnessed a 25% growth in net profits to reach Dhs184.3 million, compared to Dhs147.3 million for 2008.

"In 2010, we will continue to broaden our investments and expansion in emerging markets such as those in Africa, Southeast Asia and CIS countries by partnering with strategic local companies, as we did recently in Sri Lanka and Oman. We will also remain focused on strengthening our capabilities in third party logistics services to meet the increasing demand as outsourcing trends continue in our core markets," stated Ghandour.