Dubai, UAE; July 25th, 2012: Aramex (DFM: ARMX), the global logistics and transportation solutions provider, today announced its financial results for the second quarter of 2012, reflecting continued strong results with healthy growth in revenues and net profits.
The company’s revenues in the second quarter of 2012 increased to AED 782 million, up 21% compared to AED 648 million in the same period of 2011, and the net profits rose to AED 64.4 million, up from AED 56.5 million in the second quarter of 2011, representing an increase of 14%.
Total revenues for the first half of 2012 grew by 23% to AED 1,528 million from AED 1,243 million in the first half of 2011 and the net profits increased to reach AED 125 million, a growth of 18% over the AED 106 million achieved in the first six months of 2011.
“Despite the slowdown in the global economy, we continue to deliver strong results. We are obviously very happy with our revenue and net profit growth across all services”, said Fadi Ghandour, Aramex’s Founder and CEO. “This is attributed to the very strong performance in the Gulf Cooperation Council (GCC) countries, whose economies continue to grow. Furthermore, our acquisitions in the past couple of years, in the emerging economies of South East Asia and Africa, continue to contribute significantly”.
Aramex’s operations in Egypt, one of its key global markets, continues to improve gradually since the beginning of the year, yet the outlook for the short to medium term remains unclear due to the economy’s vulnerability to the political conditions in the country, which was evident in the month of June following the presidential elections, as the company’s operations witnessed a significant slowdown.
Ghandour stated that the company is continuing its strategy to expand its global network through a number of acquisitions and greenfield operations in emerging growth markets in Africa, South East Asia and Central Asia, and he added, “While our strategic acquisitions in 2011 are bearing fruits with an increasing contribution to our global revenue, initial investments in our greenfield operations in Africa continue to weigh down on our immediate quarterly results and are expected to start contributing positively to our revenues by 2013. With that in mind, I am confident of our direction and performance for the rest of the year”.