Aramex third quarter net profit rises 23% to Dhs41.7m

Net profit for the first nine months of 2009 climbed 24% to Dhs134.8m, compared to Dhs108.5m for the same period in 2008.

The decrease in the company's revenues was primarily a result of a marked reduction in global freight forwarding activity, resulting in a decline of 20% in freight revenues across the network. Third quarter revenues were also negatively impacted by the extended number of public holidays and reduced business hours, including those on account of Ramadan and Eid holidays in the Middle East and North Africa region during the period.

The financial results announced today by Aramex are in line with company expectations, and are reflective of similar trends in the first two quarters of this year.

"In spite of the extremely challenging economic conditions that have prevailed during the first nine months of this year, impacting growth in our revenues, we have consistently announced double-digit increases in our net income quarter after quarter,"

said Fadi Ghandour, Founder and CEO of Aramex.

"This consistency is testament to the resilience and flexibility of our asset-light business model, and the entrepreneurial and innovative thinking of our people.

"We continue to review expansion opportunities in underserved markets, especially in Africa and Central Asia," Ghandour said.

"As Aramex adjusts its long-term growth strategy in line with evolving market dynamics, we are also determined to upgrade and expand our existing logistics infrastructure in core markets."