ARAMEX reports 30 per cent increase in third quarter

The Company's revenues increased approximately 25% to $47.3 million for the period up to September 30, 2004, compared to $37.8 million for the third quarter ending on September 30, 2003. Net income increased approximately 30% to $3.3 million for the third quarter of 2004.

Operating income increased approximately 29% to $3.9 million for the third quarter compared to $3.0 million for the same period last year.

The Company's revenues increased approximately 24% to US$136.0 million for the first nine months of 2004, compared to US$109.4 million in the same period last year. Net income increased approximately 22% to 8.6 million for the nine months of 2004 compared to $7.0 million in the same period last year.

"We are pleased with the results. The numbers confirm that our growth strategy is on target and demonstrate our ability to achieve very healthy growth in all our products, especially in freight forwarding and International and domestic express services." said Fadi Ghandour, ARAMEX President and Chief Executive Officer. "We recently announced expansion plans for our logistics facilities in the region, which come as part of our growth ambition and reflect our commitment to serve our clients in all their transportation and logistics needs," Ghandour added.

To meet the increasing demand for logistics solutions in the region, ARAMEX recently unveiled major expansion plans in Egypt, the UAE and the Kingdom of Saudi Arabia. In addition, ARAMEX has established a logistics center in the free zone at Beirut Seaport, and is doubling the size of its logistics facility at Queen Alia International Airport in Amman.