Aramex posts 25% rise in 2009 net to Dh184.3m
Aramex, the logistics and transportation solutions provider, yesterday announced 28 per cent increase in fourth-quarter and 25 per cent in full-year profits, driven by improvements in margins.
Net profits for the fourth- quarter surged to Dh49.5 million from Dh 38.8m.
The full-year net profits reached Dh184.3m from Dh147.3m in 2008.
Revenues for the fourth- quarter of 2009 reached Dh524.8m, an increase of five per cent over Dh500.5m in revenues posted for the same period in 2008. The fourth-quarter was the first quarter in 2009 to witness positive revenue growth, marking a bottoming out of the preceding revenue decline.
Full-year revenues dropped by six per cent to Dh1.961 billion compared to Dh2.080bn for 2008.
Aramex continues to maintain a very healthy balance sheet with a cash balance of Dh502m, while the debt-to-equity ratio stood at 1.4 per cent. "Throughout 2009, we were consistent in delivering solid performance while maintaining our employee base and without the need to restructure," said Fadi Ghandour, Founder and CEO of Aramex.
"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,'' said Ghandour. "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."
Along with improving its financial and operational performance, Aramex will continue to pursue initiatives that fulfil its sustainability commitments in 2010. These include adopting environmentally-friendly practices in its operations, actively engaging in community development and partnering with institutions to foster an entrepreneurial environment in which youth and SMEs can thrive.
"We have a strategic interest in being a facilitator of trade and business, including e-commerce, especially among SMEs and startups. Leveraging the growth of entrepreneurial entities is intertwined with Aramex's success," said Ghandour.
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