ARAMEX posts 29 per cent net profit increase in 2004

Revenues for the year ended December 31, 2004 reached $188.7 million, compared to $151.5 million for end of the fourth quarter in 2003. Net income saw a 29% jump to $13 million compared to 2003's $10.0 million and operating income reached $15.8 million, an increase of 23% from $12.9 million in the same period.

Results for the fourth quarter 2004, showed that the company's revenue grew by approximately 25% to $52.8 million, compared to $42.1 million in 2003. Similarly, net income for the fourth quarter of 2004 increased approximately 44% to $4.4 million, compared to $ 3.0 million for the fourth quarter of 2003. While operating income for the same period rose to $5.4 million, close to a 38% climb, compared to $3.9 million for the last quarter of 2003.

"We are pleased to see continuous growth and profitability becoming the hallmark of our financial performance quarter after quarter, year after year," said Fadi Ghandour, CEO ARAMEX.

"Our growth is constant and the pace of our expansion is faster than ever before. These are great results of which ARAMEX's people can be very proud. This coming year is showing great potential as well. As a matter of fact, we are hoping to tap into several interesting opportunities for expansion", added Ghandour.

ARAMEX's CEO indicated that it is seriously considering a number of sizable acquisitions to be carried out during the coming two years, saying, "Strategically, we are looking at a number of possible acquisitions that will further boost our Freight, Express and Logistics products and enhance our presence and coverage in various parts of the world including Europe, China, Pakistan, and India. These acquisitions will also help solidify our position in markets where we are already leaders, such as the UAE and the Levant."

"Due diligence is being applied on these planned acquisitions and decisions and announcements should be made in the next few months", concluded Ghandour.

Commenting on the long-term future and outlook for the company's growing business, Arif Naqvi, Chairman of ARAMEX, said: "These are great times for ARAMEX. The future looks more promising than ever. ARAMEX has a great team of business leaders and is in an industry with immense growth potential especially in markets that are witnessing an economic surge. ARAMEX is well positioned and well equipped to benefit from all that growth."